SAN DIEGO & ZURICH--(BUSINESS WIRE)-- Shareholder rights law firm Robbins Arroyo LLP announces that investors filed a class action complaint against Credit Suisse Group AG (NYSE: CS) on behalf of all purchasers of Credit Suisse securities between March 20, 2015 and February 3, 2016, for alleged violations of the Securities Exchange Act of 1934 by Credit Suisse's officers and directors. Credit Suisse, together with its subsidiaries, provides various financial services worldwide.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/credit-suisse-group-ag
Credit Suisse Accused of Taking on Risky and Outsized Investments
According to the complaint, Credit Suisse officials repeatedly touted in SEC filings that the company maintained "comprehensive risk management processes and sophisticated control systems" governing its investment operations. However, contrary to these representations, Credit Suisse schemed to accumulate nearly $3 billion in distressed debt and U.S. collateralized loan obligations ("CLOs"), which were notoriously difficult to liquidate and which violated the company’s purported risk protocols. On February 4, 2016, Credit Suisse revealed a massive $633 million write-down from the sale of the bank's distressed debt and CLO positions, which would subsequently increase to nearly $1 billion. Credit Suisse's CEO admitted that traders took outsized illiquid positions in violation of the bank's risk policies because the bank was "trying to generate revenue at all costs."
Credit Suisse Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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Source: Robbins Arroyo LLP