Credit Suisse
Photo: The New York Times

A call for shareholders of Credit Suisse to take action for financial recovery

The shareholders of Credit Suisse are taking the bank to court for over-inflated projections. This seems to be an extension of the collapse of the Silicon Valley Bank, Silvergate Bank, and Signature Bank in March 2023.

Based on the events of the global financial crisis in 2008, shareholders are taking preemptive action to recover assets. They want to secure assets, before a run is made on the bank at which point, they would not be able to recover any deposits in said bank.

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The following press release was issued by attorneys representing shareholders of Credit Suisse in a class action lawsuit seeking to protect the rights of shareholders.

Lawsuit filed against Credit Suisse by shareholders

The class

Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Credit Suisse Group AG (NYSE: CS) securities between December 1, 2022 and February 17, 2023, for violations of the Securities Exchange Act of 1934. Credit Suisse, together with its subsidiaries, provides various financial services in Switzerland, Europe, the Middle East, Africa, the Americas, and Asia Pacific.

Screenshot 2023 02 08 200711

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What now

Similarly situated shareholders may be eligible to participate in the class action against Credit Suisse. Shareholders who want to act as lead plaintiff for the class must file their papers by May 8, 2023.

A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

What is this case about

Credit Suisse Group AG (CS) misled investors regarding customer outflows and overstated its financial position and prospects.

According to the complaint, during the class period, defendants failed to disclose that contrary to the representations of Credit Suisse’s Chairman, Axel P. Lehmann, in December 2022, the sharp increase in customer outflows Credit Suisse began experiencing in October 2022 remained ongoing.

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, and as a result, Credit Suisse had overstated the Company’s financial position and/or prospects.

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In October 2022, Credit Suisse began experiencing a sharp increase in customer outflows, or withdrawals of client funds, after a series of quarterly losses and risk and compliance failures significantly decreased the Company’s American Depositary Share (“ADS”) price.

On December 1, 2022, Lehmann stated in an interview with Financial Times that customer outflows had not only “completely flattened out,” but had, in fact, “partially reversed.” The following day, in an interview with Bloomberg Television, Lehmann reiterated his previous statements, reassuring investors that as of November 11, 2022, customer outflows had “basically stopped”.

On this news, Credit Suisse’s ADS price rose $0.29 per ADS, or 9.36%, to close at $3.38 per ADS on December 2, 2022.

On February 9, 2023, Credit Suisse announced its 2022 financial results, reporting customer outflows of 110.5 billion Swiss francs in the final three months of 2022, which exceeded market expectations. On this news, Credit Suisse’s ADS price fell $0.56 per ADS, or 15.64%, to close at $3.02 per ADS on February 9, 2023.

Then, on February 21, 2023, Reuters reported that the Swiss Financial Market Supervisory Authority (“FINMA”), was reviewing Lehmann’s previous comments regarding customer outflows. On this news, Credit Suisse’s ADS price fell another $0.10 per ADS, or 3.31%, to close at $2.92 per ADS on February 21, 2023.

Contact us to learn more:

Aaron Dumas
(800) 350-6003
adumas@robbinsllp.com
Shareholder Information Form

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About Robbins LLP

A recognised leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Credit Suisse Group AG settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

Contact:
Aaron Dumas
Robbins LLP
5060 Shoreham Pl., Ste. 300
San Diego, CA 92122
adumas@robbinsllp.com
(800) 350-6003
www.robbinsllp.com

– Globe Newswire, San Diego

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