Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Credit Suisse Group AG (CS)
The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors that a securities fraud class action lawsuit has been filed against Credit Suisse Group AG (NYSE: CS) (“Credit Suisse”) on behalf of those who purchased or acquired Credit Suisse American Depositary Receipts ("ADRs") between October 29, 2020 and March 31, 2021, inclusive (the “Class Period”).
Investor Deadline Reminder: Investors who purchased or acquired Credit Suisse ADRs during the Class Period may, no later than June 15, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at firstname.lastname@example.org; or click https://www.ktmc.com/credit-suisse-class-action-lawsuit?utm_source=PR& ...
Credit Suisse is a global financial services company based in Zurich, Switzerland. Greensill Capital (“Greensill”), who for filed for insolvency protection on March 8, 2021, was a financial services company based in the United Kingdom and Australia focused on the provision of supply-chain financing and related services. Archegos Capital Management (“Archegos”) is a family office investment fund run by Sung Kook Hwang. Archegos’ investment holdings are primarily in the form of total return swaps, a financial instrument where the underlying securities are held by the banks that broker the investments.
On March 1, 2021, Credit Suisse froze $10 billion in funds that were invested in Greensill’s financial products and held by its supply-chain investment funds. On March 8, 2021, Greensill filed for insolvency protection, as it found itself unable to repay a $140 million loan to Credit Suisse. According to the Financial Times, more than 1,000 investors in the Greensill funds marketed were unable to exit their positions. By March 10, 2021, media reports revealed that Greensill investors had retained counsel and intended to sue Credit Suisse for their losses because Credit Suisse continued to market the biggest of the funds as a fully insured, low-risk product despite a decision by insurers during the summer of 2020 not to renew coverage. As the market digested this news, the market price of Credit Suisse ADRs fell from its close of $14.70 per ADR on March 1, 2021 to close at $12.85 per ADR by March 12, 2021, a decline of almost 13%.
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