Credit Suisse Group AG : VelocityShares Daily Inverse VIX Short Term exchange traded notes Securities Litigation
On or around 11/02/2018 (Ongoing date of last review)
Filing Date: March 14, 2018
Plaintiff's law firm issued a press release on March 14, 2018, announcing the lawsuit. The Complaint alleges that (i) Credit Suisse was actively manipulating the Inverse VIX Short ETNs by liquidating its holdings in various financial products to avoid a loss; (ii) Credit Suisse was manipulating the Inverse VIX Short ETNs to the detriment of investors; and (iii) as a result of the foregoing, Defendants’ statements about Credit Suisse’s Inverse VIX Short ETNs were false and misleading and/or lacked a reasonable basis.
On February 5, 2018, at the close of the market, Inverse VIX Short ETNs closed at $99. By 6:28pm, however, the price per Inverse VIX Short ETN had declined to a low of $10.16, a drop of approximately 89.74 percent.
On March 23, 2018, Plaintiff filed an amended Complaint. On June 21, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on August 20.
Company & Securities Information
Defendant: Credit Suisse Group AG
Industry: Investment Services
Ticker Symbol: XIV
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
Rajan Chahal, et al. v. Credit Suisse Group AG, et al.
COURT: S.D. New York
DOCKET #: 18-CV-02268
JUDGE: Hon. Analisa Torres
DATE FILED: 03/14/2018
CLASS PERIOD START: 01/29/2018
CLASS PERIOD END: 02/05/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Levi & Korsinsky, LLP 30 Broad Street, 15 1h Floor, Levi & Korsinsky, LLP, NY 10004 212.363.7500 212.363-7171 ·
First Identified Complaint (FIC) Filings:
Complaint for Violations of the Federal Securities Laws
Set Capital LLC, et al. v. Credit Suisse Group AG, et al.