PHILADELPHIA, April 22, 2008 (PRIME NEWSWIRE) -- A class action lawsuit was filed in the United States District Court, Southern District of New York, 08cv3758, on behalf of purchasers of American Depositary Receipts ("ADR's") of Credit Suisse Group ("CS" or the "Company") (NYSE:CS) and U.S. residents in citizens who purchased Credit Suisse stock between February 15, 2007 and February 19, 2008 (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934. The action is pending before the Honorable Victor Marrero.
If you wish to serve as lead plaintiff, you must move the Court no later than June 20, 2008. Please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Credit Suisse Group and certain of its officers and directors with violations of the Securities Exchange Act of 1934, specifically alleging that, throughout the Class period, defendants failed to disclose the following: (1) record losses on deterioration in mortgage assets and collateralized debt obligations (CDO's) on its books caused by the high amount of no-collectible mortgages included in the portfolio; (2) internal controls were inadequate to ensure that losses on residential mortgage-related assets were accounted for properly; and (3) 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's ADRs collapsed to close at $48.22 per ADR, a decline of almost 31%, from $69.61 per ADR in early October 2007, on volume of 2.6 million ADR.
Plaintiff seeks to recover damages on behalf of all those who purchased the ADRs of Credit Suisse Group. (NYSE:CS) between February 17, 2007 and February 19, 2008. The plaintiff is represented by Law Offices Bernard M. Gross P.C. If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com.
Website: http://www.bernardmgross.com
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Company Class Period Lead Plaintiff date
Bear Stearns Co. (NYSE-BSC) 12/14/06 - 03/14/08 05/19/08
Humana, Inc. (NYSE-HUM) 02/04/08 - 03/11/08 05/27/08
Merck & Co., Inc. (NYSE-MRK) 10/22/07 - 03/28/08 06/03/08
Wellpoint, Inc. (NYSE-WLP) 01/23/08 - 03/10/08 05/19/08