Notice of Securities Class Action Lawsuit Filed by Abraham, Fruchter & Twersky, LLP on Behalf of Purchasers of Credit Suisse ...
February 04 2019 - 9:24PM
Business Wire
Abraham, Fruchter & Twersky, LLP (www.aftlaw.com) is hereby
giving notice that it filed a securities class action lawsuit
captioned Rubinstein v. Credit Suisse Group AG No. 1:19-cv-01069
(S.D.N.Y.) on behalf of purchasers of VelocityShares Daily Inverse
VIX Medium Term Exchange Traded Notes (“ZIV”) (NASDAQ:ZIV) between
June 30, 2017 and February 5, 2018 (the “Class Period”) alleging
violations of the Securities Act of 1933 (the “Securities Act”) and
the Securities Exchange Act of 1934 (the “Exchange Act”).
The complaint alleges that, during the Class Period, defendants
made materially false or misleading statements relating to the
risks of investing in ZIV including that: (i) the inverse ETNs was
not appropriate for managing daily trading risks; (ii) Credit
Suisse had designed the ZIV to fail under certain market
conditions; (iii) Credit Suisse had offered and sold more inverse
ETNs than the market could bear which would enable Credit Suisse to
cause the collapse of the inverse ETNs when the opportunity
presented itself; and (iv) Credit Suisse could actively manipulate
inverse ETNs by precipitating an acute liquidity event in
volatility markets including markets for VIX futures. The price of
ZIV dropped from $85.41 to $68.50 on abnormally high trading volume
between February 2, 2018 and February 6, 2018 when these previously
undisclosed adverse facts became known.
The Securities Act and the Exchange Act as amended by the
Private Securities Litigation Reform Act of 1995 (the “PSLRA”)
permit any investor who purchased ZIV during the Class Period to
seek appointment as lead plaintiff. A lead plaintiff acts on behalf
of all other class members in directing the litigation. The lead
plaintiff can select a law firm of its choice. An investor’s
ability to share in any potential future recovery is not dependent
upon serving as lead plaintiff.
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, you may contact plaintiff’s counsel, Jeffrey S.
Abraham or Matthew E. Guarnero of Abraham, Fruchter and Twersky,
LLP at (212) 279-5050 or by email at info@aftlaw.com.
Abraham, Fruchter & Twersky, LLP, is a New York-based law
firm with extensive experience in shareholder and securities class
action cases. The firm has been ranked among the leading class
action law firms in terms of recoveries achieved for
shareholders.
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version on businesswire.com: https://www.businesswire.com/news/home/20190204005848/en/
Abraham, Fruchter and Twersky, LLPJeffrey S. Abraham, (212)
279-5050
Matthew E. Guarnero, (212) 279-5050
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