Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Credit Suisse Group AG (CS) and Encourages Investors with Significant Losses to Contact the Firm - Seite 2

Then on February 9, 2023, Credit Suisse issued a press release announcing its 2022 financial results. The press release revealed that, contrary to Lehmann's prior statements, large customer outflows had continued through year-end 2022. Specifically, the press release reported customer outflows of 110.5 billion Swiss francs in the final three months of 2022, a figure which far exceeded market expectations. Following this news, Credit Suisse's ADS price fell $0.56 per ADS, or 15.64%, to close at $3.02 per ADS on February 9, 2023.

On February 21, 2023, Reuters reported that the Swiss Financial Market Supervisory Authority was reviewing Lehmann's previous comments regarding customer outflows. Following this news, Credit Suisse's ADS price fell another $0.10 per ADS, or 3.31%, to close at $2.92 per ADS on February 21, 2023.

Then on Tuesday, March 14, 2023, Credit Suisse issued its annual 2022 report and revealed that it had identified “certain material weaknesses in our internal control over financial reporting” for the years 2021 and 2022. Additionally, on Wednesday, March 15, 2023, the chairman of Credit Suisse’s largest shareholder, Saudi National Bank, which holds 9.88% of Credit Suisse, announced that it won’t provide further financial support to Credit Suisse and that it would not buy more shares on regulatory grounds.

Following this news, the price of Credit Suisse ADSs fell 13.94% to close at $2.16 per ADS on March 15, 2023.

Finally, on March 20, 2023, Credit Suisse issued an announcement on Form 6-K of its merger agreement with Union Bank of Switzerland and that Union Bank of Switzerland would be the surviving entity upon closing of the merger transaction.

Following this news, the price of Credit Suisse ADSs fell 52.99% to close at $0.9450 per ADS on March 20, 2023.

WHAT CAN I DO?
Credit Suisse investors may, no later than May 8, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Credit Suisse investors who have suffered significant losses to contact the firm directly to acquire more information. The first class action complaint against Credit Suisse, Calhoun v. Credit Suisse Group AG, et al. Case No. 23-cv-01297, is filed in the United States District Court for the District of New Jersey before the Honorable Karen McGlashan Williams.