The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Credit Suisse Group AG (CS) Investors
The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired 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.
If you are a shareholder who suffered a loss, click here to participate.
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 Chairma 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.
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If you purchased Credit Suisse securities during the Class Period, you may move the Court no later than May 8, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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