CREDIT SUISSE SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Credit Suisse Group AG - CS
NEW ORLEANS, March 14, 2023 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until May 8, 2023 to file lead plaintiff applications in a securities class action lawsuit against Credit Suisse Group AG (NYSE: CS), if they purchased the Company’s securities between December 1, 2022 and February 17, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of New Jersey.
Credit Suisse investors should visit us at https://claimsfiler.com/cases/nyse-cs-5/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Credit Suisse and certain of its executives are charged with failing to disclose material information during the Clas Period, violating federal securities laws.
In October 2022, the Company 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. Then, on December 1, 2022, the Company stated that customer outflows had not only “completely flattened out,” and even “partially reversed.” Finally, on February 9, 2023, the Company announced its 2022 financial results, disclosing that, contrary to its prior statements, it had continued to experience large customer outflows through yearend 2022, specifically, outflows of 110.5 billion Swiss francs in the final three months of 2022, a figure which far exceeded market expectations.
On this news, shares of Credit Suisse fell $0.56 per ADS, or 15.64%, to close at $3.02 per ADS on February 9, 2023.
The case is Calhoun v. Credit Suisse Group AG, et al., No. 23-cv-01297.
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