BOSTON–(BUSINESS WIRE)–$CS #classaction–Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Credit Suisse Group AG (“Credit Suisse” or the “Company”) (NYSE: CS). On March 8, 2023, a securities class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of “all persons and entities other than Defendants that purchased or otherwise acquired Credit Suisse securities between December 1, 2022 and February 17, 2023, both dates inclusive (the ‘Class Period’).”
How to Seek Appointment as Lead Plaintiff
If you wish to serve as Lead Plaintiff for the Class, you must file a motion to serve as Lead Plaintiff with the Court no later than May 8, 2023. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class. An investor’s ability to share in any potential future recovery is not dependent upon serving as Lead Plaintiff.
If you sustained significant losses from your transactions in Credit Suisse securities during the Class Period, greater than $50,000, and are interested in learning more about serving as Lead Plaintiff, please provide your information here: Shareholder Contact | Berman Tabacco.
About the Lawsuit
According to the lawsuit, “[i]n October 2022, Credit Suisse 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.”
The complaint further alleges that “[o]n December 1, 2022, Credit Suisse’s Chairman, Defendant Axel P. 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 complaint further alleges that “[o]n February 9, 2023, Credit Suisse issued a press release announcing its 2022 financial results. The press release revealed that, contrary to Defendant Lehmann’s prior statements, large customer outflows had continued through year-end 2022,” and then, “on February 21, 2023, Reuters reported that the Swiss Financial Market Supervisory Authority (‘FINMA’), was reviewing Defendant Lehmann’s previous comments regarding customer outflows.”
The complaint further alleges that “[a]s a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.”
No Responsibility for Attorney’s Fees or Expenses
Berman Tabacco typically represents individuals and entities in class actions on a contingency fee basis, meaning we advance all attorneys’ fees and expenses in the litigation. If the case is successful, the firm will ask the court to award the firm attorneys’ fees and the reimbursement of expenses from any settlement fund. If we are not successful, you will not be responsible for the reimbursement of attorneys’ fees or expenses.
About Berman Tabacco
Berman Tabacco is one of the country’s highly ranked class action law firms representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who’s Who Legal, and Super Lawyers.
The firm has offices in Boston, Massachusetts and San Francisco, California.
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Past results do not guarantee future outcomes.
Jay Eng, Esq.
One Liberty Square