SAN FRANCISCO, March 09, 2023 (GLOBE NEWSWIRE) — Hagens Berman urges Credit Suisse Group AG (NYSE: CS, CSGKF) investors who suffered substantial losses to submit your losses now.
Credit Suisse Group AG (CS, CSGKF) Securities Fraud Class Action:
The litigation focuses on Credit Suisse’s statements about its liquidity and overall financial condition.
On Dec. 1, 2022, the company’s Chairman (Axel P. Lehmann) assured investors during an interview with the Financial Times that customer outflows not only “completely flattened out” but also that outflows had “partially reversed.” The next day, Lehmann reassured investors in an interview with Bloomberg Television when he said that, as of Nov. 11, 2022, customer outflows had “basically stopped.”
The complaint alleges that Defendants made false or misleading statements and failed to disclose that: (1) contrary to statements by Lehmann, the sharp increase in customer outflows Credit Suisse began experiencing in Oct. 2022 remained ongoing; (2) accordingly, the company downplayed the impact of its recent series of quarterly losses and risk and compliance failures on its liquidity and client retention ability; and (3) as a result, Credit Suisse overstated its financial position and prospects.
Investors began to learn the truth on Feb. 9, 2023, when Credit Suisse announced its 2022 financial results that revealed large customer outflows continued through year-end 2022. During the final 3 months of 2022, outflows totaled 110.5 billion Swiss francs, or about $119.65 billion, an amount that far exceeded investor expectations.
Then, on Feb. 21, 2023, Reuters reported that Swiss regulators are investigating whether remarks by Lehmann about customer outflows having stabilized were potentially misleading.
These events have driven the price of Credit Suisse American Depositary Receipts sharply lower.
“We’re focused on investors’ losses and proving Credit Suisse lied about the magnitude of customer outflows in an effort to slow an apparent run-on-the-bank,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Credit Suisse and have substantial losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Credit Suisse should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected]
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895