NEW YORK, March 09, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is continuing its investigation of claims on behalf of investors in Credit Suisse Group AG (“Credit Suisse” or the “Company”) (NYSE: CS) securities. A complaint has been filed on behalf of investors who purchased or otherwise acquired Credit Suisse securities during the period December 1, 2022 through February 17, 2023, inclusive (the “Class Period”).
If you purchased Credit Suisse securities during the Class Period and would like to discuss this case, please contact us by emailing jcampisi@kaplanfox.com or by calling (212) 329-8571, or by clicking here.
If you are a member of the proposed Class, you may move the court no later than May 8, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
The Complaint alleges that on December 1, 2022, Credit Suisse’s Chairman, Defendant Axel P. Lehmann (“Lehmann”) stated in an interview with Financial Times that customer outflows had not only “completely flattened out,” but had, in fact, “partially reversed.” The following day, in an interview with Bloomberg Television, Defendant Lehmann reiterated his previous statements, reassuring investors that as of November 11, 2022, customer outflows had “basically stopped”.
The complaint further alleges that on February 9, 2023, Credit Suisse issued a press release announcing its 2022 financial results. The press release revealed that, contrary to Defendant Lehmann’s prior statements, large customer outflows had continued through yearend 2022. Specifically, the press release reported customer outflows of 110.5 billion Swiss francs in the final three months of 2022, a figure which far exceeded market expectations. On this news, Credit Suisse’s ADS price fell $0.56 per ADS, or 15.64%, to close at $3.02 per ADS on February 9, 2023. Then, on February 21, 2023, Reuters reported that the Swiss Financial Market Supervisory Authority (“FINMA”), was reviewing Defendant Lehmann’s previous comments regarding customer outflows. On this news, Credit Suisse’s ADS price fell another $0.10 per ADS, or 3.31%, to close at $2.92 per ADS on February 21, 2023.
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If you have any questions about this investigation, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(212) 329-8571
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
