LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit on behalf of purchasers of VelocityShares Daily Inverse VIX Medium Term Exchange Traded Notes (“ZIV” or “the Company”) (NASDAQ: ZIV) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's ETNs between June 30, 2017 and February 5, 2018, inclusive (the ''Class Period''), are encouraged to contact the firm before April 5, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at email@example.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, ZIV made false and misleading statements to the market. ZIV ETNs were not useful for managing daily risk. Credit Suisse created ZIV to fail if certain market conditions came to pass. Credit Suisse sold more inverse ETNs than the market could efficiently handle, in order to cause a collapse. This allowed Credit Suisse to manipulate ETNs by causing liquidity events. When the market learned the truth about ZIV, investors suffered damages.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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