PHILADELPHIA, April 22, 2008 (Lawfuel) — A class action lawsuit
was filed in the United States District Court, Southern District of New
York, 08cv3758, on behalf of purchasers of American Depositary Receipts
(“ADR’s”) of Credit Suisse Group (“CS” or the “Company”) (NYSE:CS) and
U.S. residents in citizens who purchased Credit Suisse stock between
February 15, 2007 and February 19, 2008 (the “Class Period”), seeking
to pursue remedies under the Securities Exchange Act of 1934. The
action is pending before the Honorable Victor Marrero.
If you wish to serve as lead plaintiff, you must move the Court no
later than June 20, 2008. Please contact plaintiff’s counsel, Deborah
R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email
at debbie@bernardmgross.com or susang@bernardmgross.com. Any member of
the purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and remain
an absent class member.
The complaint charges Credit Suisse Group and certain of its officers
and directors with violations of the Securities Exchange Act of 1934,
specifically alleging that, throughout the Class period, defendants
failed to disclose the following: (1) record losses on deterioration in
mortgage assets and collateralized debt obligations (CDO’s) on its
books caused by the high amount of no-collectible mortgages included in
the portfolio; (2) internal controls were inadequate to ensure that
losses on residential mortgage-related assets were accounted for
properly; and (3) 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’s ADRs collapsed to close at $48.22
per ADR, a decline of almost 31%, from $69.61 per ADR in early October
2007, on volume of 2.6 million ADR.
Plaintiff seeks to recover damages on behalf of all those who purchased
the ADRs of Credit Suisse Group. (NYSE:CS) between February 17, 2007
and February 19, 2008. The plaintiff is represented by Law Offices
Bernard M. Gross P.C. If you wish to discuss this action or have any
questions concerning this Notice or rights or interests with respect to
these matters,
