{"id":479868,"date":"2021-04-21T16:14:09","date_gmt":"2021-04-21T20:14:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cs-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-lawsuit-filed-against-credit-suisse-group-ag\/"},"modified":"2021-04-21T16:14:09","modified_gmt":"2021-04-21T20:14:09","slug":"cs-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-lawsuit-filed-against-credit-suisse-group-ag","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cs-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-lawsuit-filed-against-credit-suisse-group-ag\/","title":{"rendered":"CS CLASS ACTION ALERT: Kessler Topaz Meltzer &amp; Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Credit Suisse Group AG"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">RADNOR, Pa.<\/span>, <span class=\"xn-chron\">April 21, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0The law firm of Kessler Topaz Meltzer &amp; Check, LLP announces that a securities fraud class action lawsuit has been filed in <span class=\"xn-location\">the United States<\/span> District Court for the Southern District of <span class=\"xn-location\">New York<\/span> against Credit Suisse Group AG (NYSE: CS) (&#8220;Credit Suisse&#8221;) on behalf of those who purchased or acquired Credit Suisse American Depositary Receipts (&#8220;ADRs&#8221;) <b><i>between <span class=\"xn-chron\">October 29, 2020<\/span> and <span class=\"xn-chron\">March 31, 2021<\/span><\/i><\/b>, inclusive (the &#8220;Class Period&#8221;).<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1219383\/KTMC_Logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1219383\/KTMC_Logo.jpg\" title=\"KTMC Logo (PRNewsfoto\/Kessler Topaz Meltzer &amp; Check, LLP)\" alt=\"KTMC Logo (PRNewsfoto\/Kessler Topaz Meltzer &amp; Check, LLP)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <b><br \/>\n          <i>Investor Deadline Reminder: Investors who purchased or acquired Credit Suisse ADRs<\/i><br \/>\n        <\/b><br \/>\n        <b><br \/>\n          <i>during the Class Period may, <u>no later than <span class=\"xn-chron\">June 15, 2021<\/span><\/u>, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer &amp; Check, LLP: <span class=\"xn-person\">James Maro, Esq.<\/span> (484) 270-1453 or <span class=\"xn-person\">Adrienne Bell, Esq.<\/span> (484) 270-1435; toll free at (844) 887-9500; via e-mail at<\/i><br \/>\n        <\/b><br \/>\n        <a target=\"_blank\" href=\"mailto:info@ktmc.com\" rel=\"nofollow noopener\">info@ktmc.com<\/a>; <b>or<\/b><b><i>click <\/i><\/b><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3137392-1&amp;h=3843520206&amp;u=https%3A%2F%2Fwww.ktmc.com%2Fcredit-suisse-class-action-lawsuit%3Futm_source%3DPR%26utm_medium%3DLink%26utm_campaign%3Dcredit_suisse&amp;a=https%3A%2F%2Fwww.ktmc.com%2Fcredit-suisse-class-action-lawsuit%3Futm_source%3DPR%26utm_medium%3DLink%26utm_campaign%3Dcredit_suisse\" rel=\"nofollow noopener\">https:\/\/www.ktmc.com\/credit-suisse-class-action-lawsuit?utm_source=PR&amp;utm_medium=Link&amp;utm_campaign=credit_suisse<\/a>\u00a0<\/p>\n<p>Credit Suisse is a global financial services company based in <span class=\"xn-location\">Zurich, Switzerland<\/span>. Greensill Capital (&#8220;Greensill&#8221;), who for filed for insolvency protection on <span class=\"xn-chron\">March 8, 2021<\/span>, was a financial services company based in the <span class=\"xn-location\">United Kingdom<\/span> and <span class=\"xn-location\">Australia<\/span> focused on the provision of supply-chain financing and related services. Archegos Capital Management (&#8220;Archegos&#8221;) is a family office investment fund run by <span class=\"xn-person\">Sung Kook Hwang<\/span>. Archegos&#8217; investment holdings are primarily in the form of total return swaps, a financial instrument where the underlying securities are held by the banks that broker the investments. <\/p>\n<p>On <span class=\"xn-chron\">March 1, 2021<\/span>, Credit Suisse froze <span class=\"xn-money\">$10 billion<\/span> in funds that were invested in Greensill&#8217;s financial products and held by its supply-chain investment funds. On <span class=\"xn-chron\">March 8, 2021<\/span>, Greensill filed for insolvency protection, as it found itself unable to repay a <span class=\"xn-money\">$140 million<\/span> loan to Credit Suisse. According to the <i>Financial Times<\/i>, more than 1,000 investors in the Greensill funds marketed were unable to exit their positions. By <span class=\"xn-chron\">March 10, 2021<\/span>, media reports revealed that Greensill investors had retained counsel and intended to sue Credit Suisse for their losses because Credit Suisse continued to market the biggest of the funds as a fully insured, low-risk product despite a decision by insurers during the summer of 2020 not to renew coverage. As the market digested this news, the market price of Credit Suisse ADRs fell from its close of <span class=\"xn-money\">$14.70<\/span> per ADR on <span class=\"xn-chron\">March 1, 2021<\/span> to close at <span class=\"xn-money\">$12.85<\/span> per ADR by <span class=\"xn-chron\">March 12, 2021<\/span>, a decline of almost 13%. <\/p>\n<p>Then, on <span class=\"xn-chron\">Friday, March 26, 2021<\/span>, several of the large banks offering prime brokerage services to Archegos \u2013 including Morgan Stanley, Goldman Sachs and UBS \u2013 suddenly began liquidating billions of dollars&#8217; worth of shares that Archegos had swap positions on at fire sale prices after Archegos had failed to meet a margin call. By the time Credit Suisse tried to liquidate its own holdings of stocks underlying Archegos&#8217; swap contracts over the ensuing weekend, prices had already collapsed and Credit Suisse quickly racked up billions of dollars in losses.\u00a0Credit Suisse issued a press release on <span class=\"xn-chron\">March 29, 2021<\/span> conceding that &#8220;the loss resulting from this exit . . . could be highly significant and material to our first quarter results.&#8221; The <i>Financial Times<\/i> then pegged Credit Suisse&#8217;s estimated losses at between <span class=\"xn-money\">$3 billion<\/span> and <span class=\"xn-money\">$5 billion<\/span>, more than a year&#8217;s worth of Credit Suisse&#8217;s net profit. \u00a0<i>The Wall Street Journal<\/i> reported on <span class=\"xn-chron\">March 31, 2021<\/span> that Credit Suisse &#8220;had a core capital buffer of 12.9% at year-end&#8221; and &#8220;[i]f the Archegos hit is <span class=\"xn-money\">$4 billion<\/span>, that ratio could fall by roughly 1 percentage point to well below the 12.5% minimum targeted by the lender.&#8221;\u00a0 The market price of Credit Suisse ADRs fell another nearly 20% following this news, declining from a close of <span class=\"xn-money\">$13.21<\/span> per ADR on <span class=\"xn-chron\">March 25, 2021<\/span> to close at <span class=\"xn-money\">$10.60<\/span> per ADR on <span class=\"xn-chron\">March 31, 2021<\/span>. <\/p>\n<p>The complaint alleges that throughout the Class Period, the defendants concealed material defects in Credit Suisse&#8217;s risk policies and procedures and compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage, including Greensill and Archegos, exposing Credit Suisse to billions of dollars in losses.<\/p>\n<p>Credit Suisse<b>\u00a0<\/b>investors may, <b><i><u>no later than <span class=\"xn-chron\">June 15, 2021<\/span><\/u><\/i><\/b>, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer &amp; Check, LLP or other counsel, or may choose to do nothing and remain an absent class member.\u00a0 A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.\u00a0 In order to be appointed as a lead plaintiff, the Court must determine that the class member&#8217;s claim is typical of the claims of other class members, and that the class member will adequately represent the class.\u00a0 Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.<\/p>\n<p>Kessler Topaz Meltzer &amp; Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer &amp; Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from <span class=\"xn-location\">the United States<\/span> and around the world. \u00a0The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).\u00a0 The complaint in this action was not filed by Kessler Topaz Meltzer &amp; Check, LLP. For more information about Kessler Topaz Meltzer &amp; Check, LLP please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3137392-1&amp;h=3952577172&amp;u=http%3A%2F%2Fwww.ktmc.com%2F&amp;a=www.ktmc.com\" rel=\"nofollow noopener\">www.ktmc.com<\/a>.<\/p>\n<p>CONTACT:<\/p>\n<p>Kessler Topaz Meltzer &amp; Check, LLP<br \/><span class=\"xn-person\">James Maro, Jr., Esq.<\/span><br \/><span class=\"xn-person\">Adrienne Bell, Esq.<\/span><br \/>280 King of Prussia Road<br \/><span class=\"xn-location\">Radnor, PA<\/span> 19087<br \/>(844) 887-9500 (toll free)<br \/><a target=\"_blank\" href=\"mailto:info@ktmc.com\" rel=\"nofollow noopener\">info@ktmc.com<\/a><\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=DC51162&amp;sd=2021-04-21\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/cs-class-action-alert-kessler-topaz-meltzer--check-llp-announces-a-securities-fraud-class-action-lawsuit-filed-against-credit-suisse-group-ag-301274238.html\">http:\/\/www.prnewswire.com\/news-releases\/cs-class-action-alert-kessler-topaz-meltzer&#8211;check-llp-announces-a-securities-fraud-class-action-lawsuit-filed-against-credit-suisse-group-ag-301274238.html<\/a><\/p>\n<p>SOURCE  Kessler Topaz Meltzer &amp; Check, LLP<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=DC51162&amp;Transmission_Id=202104211611PR_NEWS_USPR_____DC51162&amp;DateId=20210421\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire RADNOR, Pa., April 21, 2021 \/PRNewswire\/ &#8212;\u00a0The law firm of Kessler Topaz Meltzer &amp; Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Credit Suisse Group AG (NYSE: CS) (&#8220;Credit Suisse&#8221;) on behalf of those who purchased or acquired Credit Suisse American Depositary Receipts (&#8220;ADRs&#8221;) between October 29, 2020 and March 31, 2021, inclusive (the &#8220;Class Period&#8221;). Investor Deadline Reminder: Investors who purchased or acquired Credit Suisse ADRs during the Class Period may, no later than June 15, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cs-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-lawsuit-filed-against-credit-suisse-group-ag\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;CS CLASS ACTION ALERT: Kessler Topaz Meltzer &amp; Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Credit Suisse Group AG&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-479868","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CS CLASS ACTION ALERT: Kessler Topaz Meltzer &amp; Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Credit Suisse Group AG - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cs-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-lawsuit-filed-against-credit-suisse-group-ag\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CS CLASS ACTION ALERT: Kessler Topaz Meltzer &amp; Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Credit Suisse Group AG - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire RADNOR, Pa., April 21, 2021 \/PRNewswire\/ &#8212;\u00a0The law firm of Kessler Topaz Meltzer &amp; Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Credit Suisse Group AG (NYSE: CS) (&#8220;Credit Suisse&#8221;) on behalf of those who purchased or acquired Credit Suisse American Depositary Receipts (&#8220;ADRs&#8221;) between October 29, 2020 and March 31, 2021, inclusive (the &#8220;Class Period&#8221;). Investor Deadline Reminder: Investors who purchased or acquired Credit Suisse ADRs during the Class Period may, no later than June 15, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate &hellip; Continue reading &quot;CS CLASS ACTION ALERT: Kessler Topaz Meltzer &amp; Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Credit Suisse Group AG&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/cs-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-lawsuit-filed-against-credit-suisse-group-ag\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-21T20:14:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1219383\/KTMC_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cs-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-lawsuit-filed-against-credit-suisse-group-ag\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cs-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-lawsuit-filed-against-credit-suisse-group-ag\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"CS CLASS ACTION ALERT: Kessler Topaz Meltzer &amp; 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Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Credit Suisse Group AG - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/cs-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-lawsuit-filed-against-credit-suisse-group-ag\/","og_locale":"en_US","og_type":"article","og_title":"CS CLASS ACTION ALERT: Kessler Topaz Meltzer &amp; Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Credit Suisse Group AG - Market Newsdesk","og_description":"PR Newswire RADNOR, Pa., April 21, 2021 \/PRNewswire\/ &#8212;\u00a0The law firm of Kessler Topaz Meltzer &amp; Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Credit Suisse Group AG (NYSE: CS) (&#8220;Credit Suisse&#8221;) on behalf of those who purchased or acquired Credit Suisse American Depositary Receipts (&#8220;ADRs&#8221;) between October 29, 2020 and March 31, 2021, inclusive (the &#8220;Class Period&#8221;). Investor Deadline Reminder: Investors who purchased or acquired Credit Suisse ADRs during the Class Period may, no later than June 15, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate &hellip; Continue reading \"CS CLASS ACTION ALERT: Kessler Topaz Meltzer &amp; Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Credit Suisse Group AG\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/cs-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-lawsuit-filed-against-credit-suisse-group-ag\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-21T20:14:09+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1219383\/KTMC_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cs-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-lawsuit-filed-against-credit-suisse-group-ag\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cs-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-lawsuit-filed-against-credit-suisse-group-ag\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"CS CLASS ACTION ALERT: Kessler Topaz Meltzer &amp; 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