Recent Securities Litigations
Credit Suisse Group American Depositary Shares (NYSE: CS)
According to the law firm press release, Credit Suisse is a multinational financial services holding company with one of its four primary divisions focused on investment banking. The Company is based in Switzerland with its principal U.S. offices in New York, New York.
The Complaint asserts claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and risk controls.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Credit Suisse's risk protocols and control systems were routinely disregarded (3) the Company was accumulating billions of dollars of risky, highly illiquid securities in violation of those risk protocols; and (5) as a result of the foregoing, Defendants' statements about Credit Suisse's business, operations, and risk controls were false and misleading and/or lacked a reasonable basis.