RADNOR, Pa., May 30, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Credit Suisse Group AG (NYSE: CS) (“ Credit Suisse ”) on behalf of those who purchased or acquired Credit Suisse American Depositary Receipts (“ADRs”) between October 29, 2020 and March 31, 2021, inclusive (the “Class Period”).
Lead Plaintiff Deadline: June 15, 2021
|Contact:||James Maro, Esq. (484) 270-1453|
|Adrienne Bell , Esq. (484) 270-1435|
|Toll free (844) 887-9500|
Credit Suisse is a global financial services company based in Zurich, Switzerland. Greensill Capital (“Greensill”), who for filed for insolvency protection on March 8, 2021, was a financial services company based in the United Kingdom and Australia focused on the provision of supply-chain financing and related services. Archegos Capital Management (“Archegos”) is a family office investment fund run by Sung Kook Hwang. Archegos’ investment holdings are primarily in the form of total return swaps, a financial instrument where the underlying securities are held by the banks that broker the investments.
The complaint alleges that throughout the Class Period, the defendants concealed material defects in Credit Suisse ’s risk policies and procedures and compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage, including Greensill and Archegos, exposing Credit Suisse to billions of dollars in losses.
Credit Suisse investors may, no later than June 15, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.