NEW YORK, May 30, 2008 (Lawfuel) — On May 30, 2008, Scott+Scott
LLP filed a class action against Credit Suisse Group (“Credit Suisse”
or the “Company”) (NYSE:CS) and certain officers and directors in the
U.S. District Court for the Southern District of New York. The action
is on behalf of those purchasing Credit Suisse ADRs during the period
beginning February 15, 2007 and through February 19, 2008, inclusive
(the “Class Period”), for violations of the Securities Exchange Act of
1934. The complaint alleges that defendants made false and misleading
statements and material omissions regarding the Company’s investment
banking operations and that, as a result, the price of the Company’s
ADRs was inflated during the Class Period, thereby harming investors.
According to the complaint, during the Class Period, Credit Suisse
issued materially false and misleading statements regarding the
Company’s risk profile and financial results. Among other things,
Defendants concealed the Company’s failure to write down impaired
collateralized debt obligations (“CDOs”) and mortgage-backed
securities. As a result of defendants’ false statements and omissions,
Credit Suisse ADRs traded at artificially inflated prices during the
On November 1, 2007, the Company stunned investors when it reported its
third quarter net income fell 31% to CHF 1.3 billion (Swiss francs), or
$1.1 billion, attributing the loss to “extreme market conditions” and
credit market swings that caused write downs of $1.9 billion. Then, on
February 19, 2008, the Company announced that it was taking another
$2.85 billion charge because it failed to properly value certain
complex debt securities. During this time frame, Credit Suisse ADRs
declined sharply from $67.70 to $48.22, or 28.8%.
If you purchased Credit Suisse ADRs during the Class Period and wish to
serve as a lead plaintiff in the action, you must move the Court no
later than June 20, 2008. Any member of the investor class may move the
Court to serve as lead plaintiff through counsel of its choice, or may
choose to do nothing and remain an absent class member.
If you wish to discuss this action or have questions concerning this
notice or your rights, please contact Scott+Scott
([email protected], (800) 404-7770, (860) 537-5537 or visit the
Scott+Scott website, http://www.scott-scott.com) for more information.
There is no cost or fee to you. Scott+Scott has significant experience
in prosecuting major securities, antitrust and employee retirement plan
actions throughout the United States. The firm represents pension
funds, foundations, individuals and other entities worldwide.