NEW YORK, NY / ACCESSWIRE / February 10, 2018 / Pomerantz LLP is investigating claims on behalf of investors of Credit Suisse Group A.G. ("Credit Suisse" or the "Company") (NYSE: CS). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Credit Suisse and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 5, 2018, the intraday value of Credit Suisse's VelocityShares Daily Inverse Short-Term Exchange-Traded Note ("XIV") fell to 20% of the previous day's closing value. On the morning of February 6, 2018, citing an "acceleration event", Credit Suisse advised investors that the acceleration date of the XIV note - i.e., the date on which investors will receive a cash payment equal to the closing value that day - is expected to be February 21, 2018, thereby effectively announcing the product's liquidation. The online publication ForexLive noted that "[n]umbers published [September] 30 showed Credit Suisse holding nearly 5 million of the [XIV] shares itself. Those would have been worth $550 million at the open and about $20 million now - a net loss of $530 million for the Swiss bank." Credit Suisse's American Depositary Receipt price fell $0.37, or 2.01%, to close at $18.00 on February 6, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
