BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Credit Suisse Group AG (“Credit Suisse” or the “Company”) (NYSE: CS) securities between December 1, 2022 and February 17, 2023, inclusive (the “Class Period”). Credit Suisse investors have until May 8, 2023 to file a lead plaintiff motion.
Investors suffering losses on their Credit Suisse investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On February 9, 2023, Credit Suisse released its 2022 financial results, reporting customer outflows of 110.5 billion Swiss francs in the final three months of 2022. On this news, Credit Suisse’s ADS price fell $0.56, or 15.6%, to close at $3.02 per ADS on February 9, 2023.
Then, on February 21, 2023, Reuters reported that Credit Suisse’s Chairman Axel Lehmann was facing a probe regarding comments made during an interview in early December, in which he claimed that customer outflows had “basically stopped.”
On this news, Credit Suisse’s ADS price fell $0.10, or 3.3%, to close at $2.92 per ADS on February 21, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) contrary to Defendant Lehmann’s representations in December 2022, the sharp increase in customer outflows Credit Suisse began experiencing in October 2022 remained ongoing; (2) accordingly, Credit Suisse had downplayed the impact of the Company’s recent series of quarterly losses and risk and compliance failures on liquidity and its ability to retain client funds; (3) as a result, Credit Suisse had overstated the Company’s financial position and/or prospects; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Credit Suisse securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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