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Credit Suisse Group AG : American Depositary Receipts

Case Summary

Credit Suisse Group AG : American Depositary Receipts Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 07/02/2018 (Ongoing date of last review)

Filing Date: December 22, 2017

According to the law firm press release, Credit Suisse is a multinational financial services holding company with one of its four primary divisions focused on investment banking. The Company is based in Switzerland with its principal U.S. offices in New York, New York.

The Complaint asserts claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and risk controls.

Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Credit Suisse's risk protocols and control systems were routinely disregarded (3) the Company was accumulating billions of dollars of risky, highly illiquid securities in violation of those risk protocols; and (5) as a result of the foregoing, Defendants' statements about Credit Suisse's business, operations, and risk controls were false and misleading and/or lacked a reasonable basis.

On March 19, 2018, the Court issued an Order appointing Co-Lead Plaintiffs and Counsel. Co-Lead Plaintiffs filed an amended Complaint on April 18.

Company & Securities Information

Defendant: Credit Suisse Group AG

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: Switzerland

SECURITIES INFORMATION:

Ticker Symbol: CS
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

City of Birmingham Firemen's and Policemen's Supplemental Pension System, et al. v. Credit Suisse Group AG, et al.

COURT: S.D. New York
DOCKET #: 17-CV-10014
JUDGE: Hon. Richard J. Sullivan
DATE FILED: 12/22/2017
CLASS PERIOD START: 03/20/2015
CLASS PERIOD END: 02/03/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
  2. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Complaint for Violations of the Federal Securities Laws 12/22/2017
2 U.S. District Court Civil Docket 03/19/2018
3 Opinion and Order 03/19/2018

Reference Complaint

City of Birmingham Retirement and Relief System, et al. v. Credit Suisse Group AG, et al.

COURT: S.D. New York
DOCKET #: 17-CV-10014
JUDGE: Hon. Richard J. Sullivan
DATE FILED: 04/18/2018
CLASS PERIOD START: 03/20/2015
CLASS PERIOD END: 02/03/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (Chicago)
    190 South LaSalle Street, Suite 1705, Cohen Milstein Sellers & Toll PLLC (Chicago), IL 60603
    312.357.0370 312.357.0369 ·
  2. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Amended Class Action Complaint for Violations of the Federal Securities Laws and Jury Trial Demand 04/18/2018
2 U.S. District Court Civil Docket 04/18/2018
 
 

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