NEW YORK, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors in Credit Suisse Group AG’s American Depositary Shares (ADS) (NYSE: CS).
If you would like to discuss our investigation, please contact us by emailing jcampisi@kaplanfox.com or by calling (212) 329-8571, or click here.
On February 9, 2023, The Wall Street Journal published an article titled “Credit Suisse’s Losses Deepen, Threatening Overhaul”, that stated “Credit Suisse Group AG (CS) reported a fifth consecutive quarterly loss and faced a $100 billion torrent of withdrawals from the rich customers who sit at the core of the bank’s turnaround strategy . . . The bank has said that its formidable wealth-management business, one of the world’s largest for the superrich, will be its main focus going forward.”
“Yet troubles mounted in the unit last quarter. Assets under management slid 27% last year to around $583 billion at Dec. 31, [2022] from around $802 billion at the beginning of 2022. They were around $690 billion at the end of September. The outflows from rich clients had a punishing effect on the bank’s profitability, since those assets are meant to be a source of steady income. The bank earns fees managing the assets and from new transactions.”
On February 9, 2023, Credit Suisse shares declined from a closing price on February 8, 2023 of $3.58 per share, to close at $3.02 per share on February 9, 2023, a decline of $0.56 per share or by over 15% on very high volume.
Then on February 21, 2023, Reuters reported that Swiss regulator Finma is reviewing remarks made by Credit Suisse Chairman Axel Lehmann about outflows from the lender having stabilized in early December 2022. On February 21, 2023, Credit Suisse shares declined from a close on February 17, 2023 of $3.02 per share to close at $2.92 per share, a decline of $0.10 per share or approximately 3% on heavy volume.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
If you have any questions about this investigation, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
Ph: (212) 329-8571
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
Ph: (415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
