 | ||
|
| Home Annual/Quarterly Updates About Us
|
Credit Suisse Group Summary: According to a press release dated April 21, 2008, the complaint charges Credit Suisse and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Credit Suisse operates as a financial services company. The Company operates in three segments: Investment Banking, Private Banking, and Asset Management.
Specifically, the complaint alleges that, during the Class Period, 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: (a) 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; (b) that Credit Suisse’s internal controls were inadequate to ensure that losses on residential mortgage-related assets were accounted for properly; and (c) 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 collapsed 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.
NOTE: The class action has been commenced on behalf of all persons who purchased or otherwise acquired the American Depositary Receipts of Credit Suisse Group and U.S. residents or citizens who purchased Credit Suisse stock between the Class Period.
INDUSTRY CLASSIFICATION:
SIC Code: 6211
Sector: Financial
Industry: Investment Services
| COMPANY/ISSUER NAME: | Credit Suisse Group |
| COMPANY/ISSUER TICKER: | CS |
| COMPANY WEBSITE: | http://www.credit-suisse.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Kevin Cornwell, et al. v. Credit Suisse Group, et al. | |||||||||||||||||
| |||||||||||||||||
| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violation of Federal Securities Laws - Demand for Jury Trial | |||
| Type: Complaint | Date on the document: 4/21/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 4/21/2008 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.
Go to Search page | Go to Case Index page | Back to Top