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CREDIT SUISSE SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: KAHN SWICK & FOTI, LLC REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuits Against Credit Suisse Group AG - CS
News provided byKahn Swick & Foti, LLC
Mar 17, 2023, 10:50 PM ET
NEW ORLEANS, March 17, 2023 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 8, 2023 to file lead plaintiff applications in securities class action lawsuits against Credit Suisse Group AG (NYSE: CS), if they purchased the Company's securities between March 10, 2022 and March 15, 2023, inclusive (the "Class Period"). These actions are pending in the United States District Court for the District of New Jersey.
What You May Do
If you purchased securities of Credit Suisse and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nyse-cs/ to learn more. If you wish to serve as a lead plaintiff in the class action, you must petition the Court by May 8, 2023.
About the Lawsuits
Credit Suisse and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 9, 2023, the Company announced its 2022 financial results, disclosing that, contrary to its prior statements, it had continued to experience large customer outflows through yearend 2022, specifically, outflows of 110.5 billion Swiss francs in the final three months of 2022, a figure which far exceeded market expectations. On this news, shares of Credit Suisse fell $0.56 per ADS, or 15.64%, to close at $3.02 per ADS on February 9, 2023. Then, on March 15, 2023, news media sources revealed that the Company's "biggest backer," Saudi National Bank, would not buy any more of the Company's shares on regulatory grounds. On this news, shares of Credit Suisse fell 13.94% to close at $2.16 per ADS.
The case is Calhoun v. Credit Suisse Group AG, et al., No. 23-cv-01297.
A subsequently-filed case, Turner v. Credit Suisse Group AG, et al., No. 23-cv-01476, expanded the class period.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 960
New Orleans, LA 70163
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