Portnoy Law: Lawsuit Filed On Behalf of Credit Suisse Group AG Investors
Click here to join the case
LOS ANGELES, May 11, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Credit Suisse Group AG ("Credit Suisse" or "the Company") (NYSE: CS) investors that acquired securities between October 29, 2020 and March 31, 2021.
Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.
It is alleged in this complaint that Credit Suisse issued materially false and misleading statements in regard to their business metrics and financial prospects. Specifically, Credit Suisse concealed material defects in Credit Suisse’s risk policies and procedures, as well as compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage, which exposed Credit Suisse to billions of dollars in losses. As a result of Credit Suisse’s false statements, their 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 in relation to the collapse of its Greensill-linked funds, as well as the implosion of total return swap positions the company had entered into with Archegos. Grave deficiencies were revealed by these corporate scandals in Credit Suisse’s risk and compliance activities, which caused the price of Credit Suisse ADRs to plummet, by March 31, 2021 reaching a low of just $10.60 per ADR.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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