Credit Suisse Group AG
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Credit Suisse Group AG (“Credit Suisse” or the “Company”) (NYSE: CS) securities from October 29, 2020 through March 31, 2021 (the “Class Period”). Investors have until June 15, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Credit Suisse class action lawsuit 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 acquired Credit Suisse securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.