SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Credit Suisse Group AG (NYSE: CS) securities between March 10, 2022 and March 15, 2023, inclusive (the “Class Period”) have until May 8, 2023 to seek appointment as lead plaintiff in the Credit Suisse class action lawsuit. The Credit Suisse class action lawsuit charges Credit Suisse as well as certain of its top executives with violations of the Securities Exchange Act of 1934. The first-filed complaint is captioned Calhoun v. Credit Suisse Group AG, No. 23-cv-01297 (D.N.J.), and a subsequently filed complaint is captioned Turner v. Credit Suisse Group AG, No. 23-cv-01476 (D.N.J.).
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CASE ALLEGATIONS: Credit Suisse offers wealth management services, including investment advice and discretionary asset management services; risk management solutions, such as managed investment products; and wealth planning, succession planning, and trust services. In October 2022, Credit Suisse began experiencing a sharp increase in customer outflows, or withdrawals of client funds. However, on December 1, 2022, Credit Suisse’s Chairman, defendant Axel P. Lehmann, stated in an interview with Financial Times that customer outflows had not only “completely flattened out,” but had, in fact, “partially reversed.”
The Credit Suisse class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) contrary to prior representations, the sharp increase in customer outflows Credit Suisse began experiencing in October 2022 remained ongoing; (ii) accordingly, Credit Suisse had downplayed the impact of Credit Suisse’s recent series of quarterly losses and risk and compliance failures on liquidity and its ability to retain client funds; (iii) as a result, Credit Suisse had overstated Credit Suisse’s financial position and/or prospects; and (iv) Credit Suisse was experiencing material weaknesses with internal controls.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Credit Suisse securities during the Class Period to seek appointment as lead plaintiff of the Credit Suisse class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Credit Suisse class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Credit Suisse class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Credit Suisse class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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