NEW ORLEANS, March 14, 2023 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until May 8, 2023 to file lead plaintiff applications in a securities class action lawsuit against Credit Suisse Group AG (NYSE: CS), if they purchased the Company’s securities between December 1, 2022 and February 17, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of New Jersey.
Get Help
Credit Suisse investors should visit us at https://claimsfiler.com/cases/nyse-cs-5/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Credit Suisse and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
In October 2022, the Company 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. Then, on December 1, 2022, the Company stated that customer outflows had not only “completely flattened out,” and even “partially reversed.” Finally, on February 9, 2023, the Company announced its 2022 financial results, disclosing that, contrary to its prior statements, it had continued to experience large customer outflows through yearend 2022, specifically, outflows of 110.5 billion Swiss francs in the final three months of 2022, a figure which far exceeded market expectations.
On this news, shares of Credit Suisse fell $0.56 per ADS, or 15.64%, to close at $3.02 per ADS on February 9, 2023.
The case is Calhoun v. Credit Suisse Group AG, et al., No. 23-cv-01297.
About ClaimsFiler
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
To learn more about ClaimsFiler, visit www.claimsfiler.com.
