HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Credit Suisse Group (CS) Investors with Losses to Contact Its Attorneys Now, Securities Fraud Case Filed, Bank Reportedly Ignored Greensill & Archegos Risks Costing Billions
SAN FRANCISCO, April 27, 2021 /PRNewswire/ -- Hagens Berman urges Credit Suisse Group AG (NYSE: CS) investors with significant losses to submit your losses now.
Class Period: Oct. 29, 2020 – Mar. 31, 2021
Lead Plaintiff Deadline: June 15, 2021
Visit: www.hbsslaw.com/investor-fraud/CS
Contact An Attorney Now: [email protected]
844-916-0895
Credit Suisse Group AG (NYSE: CS) Securities Fraud Class Action:
The complaint alleges that Credit Suisse touted its prudent risk taking, while concealing material defects in the company's risk policies and oversight functions. These deficiencies allowed high-risk clients such as Greensill Capital and Archegos Capital to take on excessive leverage.
The truth began to emerge on Mar. 1, 2021, when Credit Suisse suspended a $10 billion family of funds that invested in debt arranged by Greensill. Greensill would later file for insolvency protection.
On Mar. 29, 2021 Credit Suisse announced Archegos defaulted on massive margin calls triggered by price declines in the securities underlying swaps. Then, on Mar. 30, 2021 the SEC summoned Credit Suisse and other banks involved in the Archegos affair. In addition, S&P Global Ratings downgraded the company's corporate debt to negative citing deficiencies in its risk management system.
All of this news has driven the price of Credit Suisse American Depositary Shares sharply lower.
After the class period, Credit Suisse announced it would write off $4.4 billion on its Archegos-related securities fire sales. The Wall Street Journal reported the company and its executives long ignored warnings before Greensill and Archegos imploded.
"We're focused on investors' losses and proving Credit Suisse intentionally put fees ahead of its so-called prudent risk management practices," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Credit Suisse investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Credit Suisse should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
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