HARTFORD, Conn., April 22, 2008 (Lawfuel) — The law firm of
Schatz Nobel Izard P.C., which has significant experience representing
investors in prosecuting claims of securities fraud, announces that a
lawsuit seeking class action status has been filed in the United States
District Court for the Southern District of New York on behalf of all
persons who purchased or acquired the American Depositary Receipts
(“ADRs”) of Credit Suisse Group (“Credit Suisse” or the “Company”)
(NYSE: CS) and U.S. residents or citizens who purchased Credit Suisse
stock (VTX:CSGN) between February 15, 2007 and February 19, 2008 (the
“Class Period”).
The Complaint charges that Credit Suisse and certain of its officers
and directors violated federal securities laws. Specifically, it is
alleged that defendants issued materially false and misleading
statements regarding the Company’s business and financial results. The
Complaint further alleges that defendants failed to write down impaired
securities containing mortgage-related debt. According to the
Complaint, the true facts, which were known by defendants but concealed
from the investing public during the Class Period, were as follows: (i)
that defendants failed to record losses on the deterioration in
mortgage assets and collateralized debt obligations (“CDOs”) on Credit
Suisse’s books caused by the high amount of non-collectible mortgages
included in the portfolio; (ii) that Credit Suisse’s internal controls
were inadequate to ensure that losses on residential mortgage-related
assets were accounted for properly; and (iii) that Credit Suisse’s
traders had put incorrect values on CDOs and other debt securities,
concealing the exposure the Company had to losses.
On February 19, 2008, Credit Suisse announced that it had undertaken an
internal review that resulted in the repricing of certain asset-backed
positions in its Structured Credit Trading business. The total fair
value reductions of these positions were estimated at approximately
$2.85 billion. On this news, Credit Suisse’s ADRs fell to close at
$48.22 per ADR on February 19, 2008, a decline of almost 31% from
$69.61 per ADR in early October 2007.
If you are a member of the class, you may, no later than June 20, 2008,
request that the Court appoint you as lead plaintiff of the class. A
lead plaintiff is a class member that acts on behalf of other class
members in directing the litigation. Although your ability to share in
any recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions that could affect the overall recovery for class members.
While Schatz Nobel Izard P.C. has not filed a lawsuit against the
Defendants, to view a copy of the Complaint initiating the class action
or for more information about the case, class action cases in general,
and your rights, please contact Schatz Nobel Izard P.C. toll-free at
(800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website:
www.snilaw.com.
