NEW YORK, May 30, 2008 (PRIME NEWSWIRE) -- On May 30, 2008, Scott+Scott LLP filed a class action against Credit Suisse Group ("Credit Suisse" or the "Company") (NYSE:CS) and certain officers and directors in the U.S. District Court for the Southern District of New York. The action is on behalf of those purchasing Credit Suisse ADRs during the period beginning February 15, 2007 and through February 19, 2008, inclusive (the "Class Period"), for violations of the Securities Exchange Act of 1934. The complaint alleges that defendants made false and misleading statements and material omissions regarding the Company's investment banking operations and that, as a result, the price of the Company's ADRs was inflated during the Class Period, thereby harming investors.
According to the complaint, during the Class Period, Credit Suisse issued materially false and misleading statements regarding the Company's risk profile and financial results. Among other things, Defendants concealed the Company's failure to write down impaired collateralized debt obligations ("CDOs") and mortgage-backed securities. As a result of defendants' false statements and omissions, Credit Suisse ADRs traded at artificially inflated prices during the Class Period.
On November 1, 2007, the Company stunned investors when it reported its third quarter net income fell 31% to CHF 1.3 billion (Swiss francs), or $1.1 billion, attributing the loss to "extreme market conditions" and credit market swings that caused write downs of $1.9 billion. Then, on February 19, 2008, the Company announced that it was taking another $2.85 billion charge because it failed to properly value certain complex debt securities. During this time frame, Credit Suisse ADRs declined sharply from $67.70 to $48.22, or 28.8%.
If you purchased Credit Suisse ADRs during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than June 20, 2008. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member.
If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537 or visit the Scott+Scott website, http://www.scott-scott.com) for more information. There is no cost or fee to you. Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primenewswire.com/ca/