Credit Suisse Group AG (NYSE: CS)

This lawsuit is for anyone who acquired securities in Credit Suisse Group AG (NYSE: CS) from March 10, 2022 through March 20, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the customer outflows Credit Suisse began experiencing in October 2022 had stopped when, in fact, they had not.

On February 9, 2023, Credit Suisse released its 2022 financial results, reporting customer outflows of 110.5 billion Swiss francs in the final three months of 2022. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on March 9, 2023, the Company issued an ad hoc announcement stating it would delay the publication of its 2022 Annual Report and related Annual Report after a call on March 8, 2023, from the SEC regarding the Company’s cash flow statements in the years ended December 31, 2020, and 2019, as well as related controls. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Then, on March 14, 2023, the Company filed with the SEC its 2022 annual report which identified material weaknesses in the Company’s internal controls. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Finally, on March 20, 2023, before market hours, the Company issued an ad hoc announcement on Form 6-K stating its merger agreement with UBS. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Credit Suisse Group AG (NYSE: CS) from March 10, 2022 through March 20, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.