Kessler Topaz Meltzer & Check, LLP: Alert Investors to Securities Fraud Class Actions Filed Against Credit Suisse Group AG | Status

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Radnor, Pennsylvania May 28, 2021 / PRNewswire / –Kessler Topaz Meltzer & Check, LLP, investors in the law firm have filed a class action lawsuit against Credit Suisse Group AG (NYSE: CS) (“Credit Suisse”). That reminds me. Or acquired Credit Suisse American Depositary Receipts (“ADR”) Between October 29, 2020 And March 31, 2021, Full (“course period”).

Credit Suisse is a global financial services company. Zurich, Switzerland. Greensill Capital (“Greensill”) has filed for bankruptcy protection March 8, 2021Was a financial services company based in. England And Australia The focus is on the provision of supply chain loans and related services. Archegos Capital Management (“Archegos”) is a family office investment fund managed by: Song Guk FanThe holdings of Archegos are mainly in the form of total return swaps. It is a financial product in which the underlying securities are held by the bank which mediates the investment.

at March 1, 2021, Credit Suisse freezes 10 billion dollars A fund owned by a supply chain investment fund that is invested in Greensill’s financial products. March 8, 2021, Greensill filed for bankruptcy protection because she determined she was insolvent. $ 140 million Loans to Credit Suisse by Financial TimesOver 1000 Greensill Fund investors in the market were unable to close their positions. March 10, 2021According to media reports, Greensil’s investors would hire a lawyer and sue Credit Suisse for the loss. Renew the insurance. As the market digests this news, the Credit Suisse ADR market price $ 14.70 For each ADR March 1, 2021 Close with $ 12.85 For each ADR March 12, 2021, A decrease of almost 13%.

Then Friday March 26, 2021, Morgan Stanley, Goldman Sachs, UBS and some of the leading banks offering blue chip brokerage services to Arquegos traded at Arquegos at incendiary selling prices after Arquegos failed to hit their margin. By the time Credit Suisse attempted to liquidate the stocks underlying the Arquegos swap the following weekend, prices had already fallen and Credit Suisse quickly lost billions of dollars. Switzerland announces press release March 29, 2021 “The loss resulting from this exit is very significant and could be significant for our first quarter results,” he admitted. Financial Times Then the estimated loss of Credit Suisse $ 3 billion And $ 5 billion, Credit Suisse’s net profit for over a year. The Wall Street Journal Report to March 31, 2021 Credit Suisse “had a core capital buffer of 12.9% at the end of the year,” he said.[i]f Archegos strikes $ 4 billionThe market price of Credit Suisse ADRs fell almost 20% in response to the news, down from the 2018 closing price. $ 13.21 For each ADR March 25, 2021 Close with $ 10.60 For each ADR March 31, 2021..

According to the complaint, the defendants criticize Credit Suisse’s risk policies and procedures, compliance oversight capabilities and efforts to allow high-risk clients, including Greensill and Arquegos, to exercise undue influence during the process. class action lawsuit. He claims to have hidden his flaws and put Credit Suisse in danger of billions of dollars. Loss of dollars.

Swiss credit Investors Later June 15, 2021Through Kessler Topaz Meltzer & Check, LLP, or other attorneys, you can apply to be appointed as the lead representative for class complainants, or you can choose to do nothing and remain absent class members. The lead applicant is the representative who acts on behalf of all class members in the conduct of the proceedings. To be named as the principal plaintiff, the court must determine that the claims of the class members are typical of those of the other class members and that the class members correctly represent the class. It does not become. Your ability to share the recovery is not affected by the decision to become the primary claimant.

Kessler Topaz Meltzer & Check, LLP has filed class actions in state and federal courts nationwide, including securities fraud, breach of fiduciary duty, and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is the driving force behind corporate governance reform, raising billions of dollars on behalf of institutional and individual investors. United States And all over the world. The company represents investors, consumers and whistleblowers (ordinary citizens who report fraud against the government and participate in the recovery of the government dollar). The proceedings in this proceeding were not filed by Kessler Topaz Meltzer & Check, LLP. Learn more about Kessler Topaz Meltzer & Check, LLP. www.ktmc.com..

Kessler Topaz Melzer & Check, LLP

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Source: Kessler Topaz Meltzer & Check, LLP

Kessler Topaz Meltzer & Check, LLP: Alert Investors to Securities Fraud Class Actions Filed Against Credit Suisse Group AG | Status

Source link Kessler Topaz Meltzer & Check, LLP: Alert Investors to Securities Fraud Class Actions Filed Against Credit Suisse Group AG | Status



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