NEW YORK, May 2, 2008 (PRIME NEWSWIRE) -- The Brualdi Law Firm P.C. announced today that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased or acquired the American Depositary Receipts ("ADRs") of Credit Suisse Group ("Credit Suisse" or the "Company") (NYSE:CS) who purchased Credit Suisse stock between February 15, 2007 and February 19, 2008 (the "Class Period").
No class has yet been certified in the above action. If you purchased Credit Suisse Group stock during the Class Period, you may be a member of the proposed Class. You must move the Court on or before June 20, 2008 if you wish to serve as a lead plaintiff. In making your decision, you should take into account that those with large financial losses resulting from the alleged federal securities law violations are given preference in being appointed lead plaintiff.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Tali Leger, Director of Shareholder Relations at The Brualdi Law Firm P.C., 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1877 or (212) 952-0602, by email to tleger@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com/
The Complaint charges that Credit Suisse and certain of its officers and directors violated federal securities laws. Specifically, it is alleged that 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: (i) 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; (ii) that Credit Suisse's internal controls were inadequate to ensure that losses on residential mortgage-related assets were accounted for properly; and (iii) that Credit Suisse's traders had put incorrect values on CDOs and other debt securities, concealing the exposure the Company had to losses.