NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased Credit Suisse Group AG (NYSE: CS) American Depositary Reciepts (“ADRs”) between October 29, 2020 and March 31, 2021, inclusive (the “Class Period”). Investors have until June 15, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The complaint, filed on April 16, 2021, alleges that during the Class Period defendants issued materially false and misleading statements regarding the Company’s business metrics and financial prospects. Specifically, defendants concealed material defects in the Company’s risk policies and procedures and compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage, including Greensill Capital (“Greensill”) and Archegos Capital Management (“Archegos”), exposing the Company to billions of dollars in losses.
As a result of defendants’ false statements, Credit Suisse ADRs traded at artificially inflated prices, reaching a high of $14.95 per ADR by February 2021.
Subsequently, Credit Suisse revealed billions of dollars in losses tied to the collapse of its Greensill-linked funds and the implosion of total return swap positions Credit Suisse had entered into with Archegos.
These corporate scandals have revealed grave deficiencies in Credit Suisse’s risk and compliance activities, causing the price of Credit Suisse ADRs to plummet, reaching a low of just $10.60 per ADR by March 31, 2021.
If you purchased Credit Suisse ADRs during the Class Period and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.