Investor Alert: Kaplan Fox Announces Investigation Of VelocityShares Daily Inverse VIX Short Term ETNs

NEW YORK, March 20, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Credit Suisse VelocityShares Daily Inverse VIX Short Term ETNs (NASDAQ: XIV).

A class action complaint has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased Credit Suisse VelocityShares Inverse VIX Short Term Notes between January 29, 2018 and February 5, 2018, inclusive (the "Class") alleging violations of the Securities Exchange Act of 1934 and the Securities Act of 1933.

According to the complaint, on February 5, 2018 between 4:10 p.m. and 5:09 p.m., the Intraday Indicative Value, as calculated and disseminated by Credit Suisse's agent, was incorrectly represented to be between $24.7 to $28.6 per Note.  The complaint alleges that the if the Intraday Indicative Value between 4:10 p.m. and 5:09 p.m. had been calculated as Credit Suisse represented in the Registration Statement the value was between $4.22 and $4.4 per Note, materially less than the inflated amount of $24.7 to $28.6 per Note.  Further, the complaint alleges that beginning at 5:10 p.m., the Intraday Indicative Value for the Notes began to update, showing a value of $4.22 per Note.

The action alleges that the offering documents for the Notes were materially false and misleading because they failed to disclose (1) the Intraday Indicative Value of the Notes was not updated every 15 seconds based on the relevant index real time calculation of relevant index (SPVXSPID) applying the real time prices of the relevant VIX futures contracts, (2) the Intraday Indicative Value was not an accurate gauge of the economic value of the Notes, and (3) the Intraday Indicative Value did not reflect the proper calculation of that metric pursuant to the Registration Statement.

If you are a member of the proposed Class, you may move the court no later than May 14, 2018 to serve as a lead plaintiff for the purported class.  You need not seek to become a lead plaintiff in order to share in any possible recovery.  If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 800-290-1952.

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 Notice, the action, your rights, or your interests, please contact:

Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax:  (415) 772-4707
E-mail: [email protected]

SOURCE Kaplan Fox & Kilsheimer LLP

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