NEW ORLEANS–(BUSINESS WIRE)–Kahn Swick & Foti, LLC (“KSF”) and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 8, 2023 to file lead plaintiff applications in securities class action lawsuits against Credit Suisse Group AG (NYSE: CS), if they purchased the Company’s securities between February 18, 2021 and March 20, 2023, inclusive (the “Class Period”). These actions are pending in the United States District Court for the District of New Jersey.
What You May Do
If you purchased securities of Credit Suisse as above 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 (lewis.kahn@ksfcounsel.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 by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by May 8, 2023.
About the Lawsuits
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.
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.
Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850