![]() Kessler Topaz Meltzer & Check, LLP encourages Credit Suisse investors who have suffered significant losses to contact the firm directly to acquire more information. Additionally, on Wednesday, March 15, 2023, the chairman of Credit Suisse's largest shareholder, Saudi National Bank, which holds 9.88% of Credit Suisse, announced that it won't provide further financial support to Credit Suisse and that it would not buy more shares on regulatory grounds.įollowing this news, the price of Credit Suisse ADSs fell 13.94% to close at $2.16 per ADS on March 15, 2023.įinally, on March 20, 2023, Credit Suisse issued an announcement on Form 6-K of its merger agreement with Union Bank of Switzerland and that Union Bank of Switzerland would be the surviving entity upon closing of the merger transaction.įollowing this news, the price of Credit Suisse ADSs fell 52.99% to close at $0.9450 per ADS on March 20, 2023.Ĭredit Suisse investors may, no later than May 8, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Then on Tuesday, March 14, 2023, Credit Suisse issued its annual 2022 report and revealed that it had identified "certain material weaknesses in our internal control over financial reporting" for the years 20. Following 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. On February 21, 2023, Reuters reported that the Swiss Financial Market Supervisory Authority was reviewing Lehmann's previous comments regarding customer outflows. Following 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. Specifically, the press release reported customer outflows of 110.5 billion Swiss francs in the final three months of 2022, a figure which far exceeded market expectations. The press release revealed that, contrary to Lehmann's prior statements, large customer outflows had continued through year-end 2022. Then on February 9, 2023, Credit Suisse issued a press release announcing its 2022 financial results. Lehmann ("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." Following Lehmann's statements, Credit Suisse's American Depository Share ("ADS") price rose $0.29 per ADS, or 9.36%, to close at $3.38 per ADS on December 2, 2022. On December 1, 2022, Credit Suisse's Chairman, Axel P. ![]() The 2021 annual report failed to identify any material weaknesses with Credit Suisse's internal controls. ![]() On March 10, 2022, Credit Suisse filed with the SEC its 2021 annual report on a Form 20-F for the year ended December 31, 2021. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. at (484) 270-1453 or via email at Topaz is one of the world's foremost advocates in protecting the public against corporate fraud and other wrongdoing. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: ĬANNOT VIEW THIS VIDEO? PLEASE CLICK HEREĬONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS: As a result of Credit Suisse's materially misleading statements and omissions to the public, Credit Suisse's investors have suffered significant losses.ĬLICK HERE TO SUBMIT YOUR CREDIT SUISSE LOSSES. The complaints charge Credit Suisse with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. March 31, 2023) - The law firm of Kessler Topaz Meltzer & Check, LLP ( informs investors that securities class action complaints have been filed against Credit Suisse Group AG ("Credit Suisse") (NYSE: CS).
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