Archived Investigations
Credit Suisse Group AG (NYSE: CS)
Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind 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).
Credit Suisse and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 9, 2023, the Company disclosed 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 on February 9, 2023.
Then, on March 15, 2023, news media sources revealed that the Company’s “biggest backer,” Saudi National Bank, would not buy any more of the Company’s shares due to regulatory grounds. On this news, shares of Credit Suisse fell 13.94% to close at $2.16 per ADS.
Finally, on March 20, 2023, the Company announced a merger agreement with UBS, stating that it “represents the best available outcome…we are forced to reach a solution today that provides a durable outcome.” On this news, shares of Credit Suisse fell 52.99% to close at $0.9450 per ADS on March 20.
The first-filed case is Calhoun v. Credit Suisse Group AG, et al., 23-cv-01297. A subsequently-filed case, Turner v. Credit Suisse Group AG, et al., 23-cv-01476, expanded the class period. A third case filed, Linhares v. Credit Suisse Group AG, et al., 23-cv-02246, further expanded the class period.