XIV INVESTOR ALERT: Gibbs Law Group Files Class Action Lawsuit on Behalf of Investors in Credit Suisse VelocityShares Daily I...
March 16 2018 - 8:30AM
Business Wire
XIV Investors Are Encouraged to Contact the
Firm for Information About their Rights
Gibbs Law Group has filed a class action lawsuit against Credit
Suisse AG and Janus Index & Calculation Services LLC on behalf
of investors of Credit Suisse VelocityShares Daily Inverse VIX
Short Term ETNs (Nasdaq: XIV) who invested between January 29, 2018
and February 5, 2018. The lawsuit seeks to recover damages for XIV
investors under the federal securities laws.
To speak privately with an attorney regarding the XIV lawsuit
investigation, click here.
On February 5, 2018, investors incurred massive losses when XIV
plunged more than 90% in after-hours trading, precipitously
dropping in value from a trading-day close of $99 at 4pm down to a
low of $10 at 6:30pm, with an ultimate end price of $15.43. The
following day, Credit Suisse announced that it would exercise its
option to trigger an acceleration event, effectively shutting the
security down as of February 21, 2018, and causing significant harm
to investors.
The lawsuit alleges that the XIV offering documents were
materially false and misleading because they failed to disclose
that:
1. The Intraday Indicative Value of the notes was not updated
every 15 seconds based on the relevant index real time calculation
of the relevant index (SPVXSPID) applying the real time prices of
the relevant VIX futures contracts;
2. The Intraday Indicative Value was not an accurate gauge of
the economic value of the Notes; and
3. The Intraday Indicative Value did not reflect the proper
calculation of that metric.
“Investors are entitled to truthful information, so they can
make informed decisions about the securities in which they invest,”
said Eric Gibbs, one of the lead attorneys. “The defendants’
failure to provide accurate, up-to-date information about the
Intraday Indicative Value as promised in the prospectus resulted in
significant harm to investors.”
If you purchased or acquired XIV and would like to speak
privately with a securities attorney to learn more about the XIV
lawsuit investigation or your legal rights as an investor, please
visit our website or contact the securities team
directly at (800) 254-9493.
Investors who bought XIV during the Class Period and sustained
damages may seek to be appointed as a lead plaintiff in the action
by filing a motion with the Court no later than May 14, 2018.
About Gibbs Law Group
Gibbs Law Group is a national litigation firm representing
investors, businesses, municipalities and unions in class and
individual actions in state and federal courts throughout the
country. The firm has recovered over a billion dollars for its
clients against some of the world’s largest corporations, and our
attorneys have been honored for the quality of their work and legal
achievements with recognition in the Best Lawyers in America list for five consecutive
years.
This press release may constitute Attorney
Advertising in some jurisdictions under the applicable law and
ethical rules.
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Gibbs Law GroupEileen Epstein,
510-350-9728eje@classlawgroup.com
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