NEW
YORK, May 6, 2022 /PRNewswire/
-- Jakubowitz Law announces that a securities fraud class
action lawsuit has commenced on behalf of shareholders of Credit
Suisse Group Ag (NYSE: CS).
To receive updates on the lawsuit, fill out the
form:
https://claimyourloss.com/securities/credit-suisse-group-ag-loss-submission-form-2/?id=26843&from=4
The lawsuit seeks to recover losses for shareholders who
purchased Credit Suisse Group Ag between March 19, 2021 and March 25, 2022.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
June 28, 2022 to petition the
court. Your ability to share in any recovery doesn't require that
you serve as a lead plaintiff.
According to a filed complaint, Credit Suisse Group Ag issued
materially false and/or misleading statements and/or failed to
disclose that: (i) Credit Suisse had deficient disclosure controls
and procedures and internal control over financial reporting; (ii)
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; (iii) the foregoing conduct subjected the Company to an
increased risk of heightened regulatory scrutiny and/or enforcement
actions; (iv) the 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, concerned loans that Credit Suisse made to Russian
oligarchs previously sanctioned by the U.S.; (v) 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; (vi) 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; (vii) the foregoing, once revealed, was likely to
subject the Company to enhanced regulatory scrutiny and significant
reputational harm; and (viii) as a result, the Company's public
statements were materially false and misleading at all relevant
times.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities fraud. Attorney
advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law