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NEW ORLEANS–(BUSINESS WIRE)–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), if they purchased the Company’s securities between December 1, 2022 and February 17, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of New Jersey.
What You May Do
If you purchased securities of Credit Suisse and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nyse-cs/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 8, 2023.
About the Lawsuit
Credit Suisse and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
In October 2022, the Company 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 American Depositary Share (“ADS”) price. Then, on December 1, 2022, the Company stated that customer outflows had not only “completely flattened out,” and even “partially reversed.” Finally, on February 9, 2023, the Company announced its 2022 financial results, disclosing 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 per ADS on February 9, 2023.
The case is Calhoun v. Credit Suisse Group AG, et al., No. 23-cv-01297.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner