Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, June 21, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Credit Suisse Group AG (“Credit Suisse”) (NYSE: CS) investors that a class action filed on behalf of investors that lost money on their Credit Suisse stock. Credit Suisse investors are encouraged to contact the firm to discuss their legal rights.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) Credit Suisse had deficient disclosure controls and procedures and internal control over financial reporting; (2) Credit Suisse's practice of lending money to Russian oligarchs subject to U.S. and international sanctions created a significant risk of violating rules pertaining to those sanctions and future sanctions; (3) the foregoing conduct subjected the Company to an increased risk of heightened regulatory scrutiny and/or enforcement actions; (4) a synthetic securitization deal, in which Credit Suisse sold off $80 million worth of risk related to a $2 billion portfolio of loans backed by assets owned by certain of the bank's ultra-high net worth clients (the "Securitization Deal") concerned loans that Credit Suisse made to Russian oligarchs previously sanctioned by the U.S.; (5) the purpose of the Securitization Deal was to offload the risks associated with these loans and mitigate the impact on Credit Suisse of sanctions likely to be implemented by Western nations in response to Russia's invasion of Ukraine; (6) Credit Suisse's request that non-participating investors destroy documents related to the Securitization Deal was intended to conceal the Company's noncompliance with U.S. and international sanctions in its lending practices; (7) the foregoing, once revealed, was likely to subject the Company to enhanced regulatory scrutiny and significant reputational harm; and (8) as a result, the Company's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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