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CS.US
id: 605
Credit Suisse (CS) Case on Misleading
S.D. New York
Court1:23-cv-05874
Case number10 Mar 2022
Class period Start15 Mar 2023
Class period End08 May 2023
Lead Plaintiff motion deadline- Credit Suisse (CS) revealed that, contrary to Lehmann’s prior statements, large customer outflows had continued.
- $CS price fell 15.64%, seriously damaging investors.
- Investors suspect Credit Suisse and its Leader of multiple misleading statements which led to shareholders' losses.
On February 21, 2023, Reuters reported that the Swiss Financial Market Supervisory Authority was reviewing Credit Suisse Chairman, Axel P. Lehmann’s previous comments regarding customer outflows.
On this news, Credit Suisse’s ADS price fell 3.31% and the Company lost over $390M of market cap, damaging investors.
- Earlier, on February 9, 2023, Credit Suisse 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 CHF 110.5B in the final three months of 2022, which far exceeded market expectations. On this news, the $CS price fell 15.64%.
- Meanwhile, on December 1, 2022, Credit Suisse’s Chairman Lehmann stated in an interview with Financial Times that customer outflows had not only “completely flattened out,” but had, in fact, “partially reversed.” The following day, in an interview with #Bloomberg Television, Lehmann reiterated his previous statements, reassuring investors that as of November 11, 2022, customer outflows had “basically stopped”.
- Going back, In October 2022, Credit Suisse 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 ADS price.
Taking all representations and appeared facts into account, Investors have reasons to suspect $CS and its Leader of multiple misleading statements which led to shareholders' losses.
Case Status
Dismissed
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Shock Event Date
15 March 2023
Filing date
08 March 2023
Lead Plaintiff Deadline
08 May 2023
Judge
Hon. Karen M. Williams