HARTFORD, Conn., April 22, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased or acquired the American Depositary Receipts ("ADRs") of Credit Suisse Group ("Credit Suisse" or the "Company") (NYSE: CS) and U.S. residents or citizens who purchased Credit Suisse stock (VTX:CSGN) between February 15, 2007 and February 19, 2008 (the "Class Period").
The Complaint charges that Credit Suisse and certain of its officers and directors violated federal securities laws. Specifically, it is alleged that defendants issued materially false and misleading statements regarding the Company's business and financial results. The Complaint further alleges that defendants failed to write down impaired securities containing mortgage-related debt. According to the Complaint, the true facts, which were known by defendants but concealed from the investing public during the Class Period, were as follows: (i) that defendants failed to record losses on the deterioration in mortgage assets and collateralized debt obligations ("CDOs") on Credit Suisse's books caused by the high amount of non-collectible mortgages included in the portfolio; (ii) that Credit Suisse's internal controls were inadequate to ensure that losses on residential mortgage-related assets were accounted for properly; and (iii) that Credit Suisse's traders had put incorrect values on CDOs and other debt securities, concealing the exposure the Company had to losses.
On February 19, 2008, Credit Suisse announced that it had undertaken an internal review that resulted in the repricing of certain asset-backed positions in its Structured Credit Trading business. The total fair value reductions of these positions were estimated at approximately $2.85 billion. On this news, Credit Suisse's ADRs fell to close at $48.22 per ADR on February 19, 2008, a decline of almost 31% from $69.61 per ADR in early October 2007.
If you are a member of the class, you may, no later than June 20, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members.
While Schatz Nobel Izard P.C. has not filed a lawsuit against the Defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.