NEW YORK, April 01, 2021 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Credit Suisse Group AG (“Credit Suisse” or the “Company”), including purchasers of Credit Suisse American Depositary Shares (“ADSs”) (NYSE: CS).
On March 29, 2021, before the U.S. markets opened, Credit Suisse disclosed in an SEC filing that “[a] significant US-based hedge fund defaulted on margin calls made last week by Credit Suisse and certain other banks” and that the resulting loss “could be highly significant and material to [the Company’s] first quarter results. . . .”
Additionally, on March 29, 2021, The Wall Street Journal published an article entitled “Archegos Blowout Heaps Pressure on Credit Suisse” reporting that Credit Suisse shareholders “are bracing for a multibillion-dollar hit from a fire sale of positions held by hedge fund Archegos. . . .” The Wall Street Journal article also states that at least one analyst put Credit Suisse’s Archegos losses at about $3.2 billion on top of another $531 million in losses from the collapse of Greensill, “a financial startup” that “used Credit Suisse’s asset management arm as a form of off-balance-sheet financing.” Further, the article states that “[t]he mishaps are triggering soul searching . . . about [Credit Suisse’s] controls and sight line into risks. . . .”
On March 29, 2021, Credit Suisse’s ADSs fell $1.48 per share, or 11.5%, to close at $11.39 per ADS.
If you purchased or otherwise acquired Credit Suisse securities and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. 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, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th 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