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Credit Suisse shareholders class action lawsuit overview:
- Who: Braden Turner filed a class action lawsuit against Credit Suisse Group AG and five of its current and former executives.
- Why: Turner claims Credit Suisse made misleading and false statements over the past year to its shareholders, including about the bank’s financial prospects.
- Where: The class action lawsuit was filed in New Jersey federal court.
Credit Suisse Group AG and five of its current and former executives made misleading and false statements to shareholders last year about, among other things, the bank’s financial prospects, a new class action lawsuit alleges.
Plaintiff Braden Turner claims Credit Suisse failed to disclose to its investors last year that it was “experiencing significant outflows” throughout the bank’s fourth quarter and that it had “material weaknesses with internal controls.”
Turner argues Credit Suisse and the current and former executives named in the class action lawsuit ultimately both misrepresented and failed to disclose “adverse facts” that pertained to its business, operations, and prospects.
“Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times,” the Credit Suisse class action states.
Turner wants to represent a nationwide class of all persons or entities who purchased or otherwise acquired Credit Suisse American Depositary Shares (ADS) from between March 10, 2022 and March 15, 2023.
Credit Suisse ‘recklessly disregarded’ adverse facts pertaining to its business, operations, and prospects, says class action
Credit Suisse and the named executives either knew about the adverse facts pertaining to its business, operations, and prospects or “recklessly disregarded them,” the Credit Suisse class action alleges.
Turner argues the truth about how Credit Suisse was doing emerged in February after the bank acknowledged in its quarterly report with the U.S. Securities and Exchange Commission that its assets under management had decreased by around $115 billion.
Credit Suisse ADS fell 15.6% on Feb. 9 upon the news, according to the Credit Suisse class action, which alleges that the price would fall another 4.48% on March 9, an additional 1.18% on March 14, and 13.94% on March 15, following further disclosures.
Turner claims Credit Suisse and the named executives violated the Securities and Exchange Act of 1934. He is demanding a jury trial and requesting declaratory relief along with an award of compensable damages for himself and all class members.
Credit Suisse separately agreed to pay $81 million and $25 million to resolve claims it was part of a multi-bank conspiracy involving stock loan trading.
Are you a Credit Suisse shareholder that has been injured? Let us know in the comments!
The plaintiff is represented by Laurence M. Rosen of The Rosen Law Firm, P.A.
The Credit Suisse shareholders class action lawsuit is Turner, et al. v. Credit Suisse Group AG, et al., Case No. 1:23-cv-01476, in the U.S. District Court for the District of New Jersey.
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