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id: 605, Created by Stan Vick, Scout

Credit Suisse (CS) Case on Misleading

S.D. New York
Case number
  • 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.

Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Suspected Party
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Shock Event Date
15 March 2023
Filing date
08 March 2023
Lead Plaintiff Deadline
08 May 2023
Hon. Karen M. Williams
Collecting participants…
Created by Stan Vick, Scout

Case history

Stan Vick
26 September 2023
$CS Case Update:
  • The CEO of KPMG and two other present and past executives implored a NY judge to remove their names from a potential shareholders' lawsuit.
  • The lawsuit alleges their involvement in the downfall of Credit Suisse this year, despite their assertion that they had no involvement in $CS auditing.

Credit Suisse Group

Credit Suisse Group AG, together with its subsidiaries, provides various financial services in Switzerland, Europe, the Middle East, Africa, the Americas, and Asia Pacific. The company offers wealt...

    Banking Services
    Paradeplatz 8, Zurich, Switzerland, 8001