According to the lawsuits, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- Credit Suisse’s co-mingling of its lending, asset management, and private wealth management functions and imprudently aggressive pursuit of fees had materially diminished the Company’s ability to properly assess and manage its own risk exposure to high-risk clients and potential liabilities from client losses;
- Credit Suisse had ignored numerous red flags in connection with the Greensill Capital funds, such as suspicious shipment activities during an internal compliance check, and overrode the concerns of the Company’s in-house credit-structuring team in packing and selling billions of dollars’ worth of Greensill-linked securities to investors;
- Credit Suisse had conspired with Sung Kook (“Bill”) Hwang to allow Archegos Capital Management to covertly take on billions of dollars in excessively concentrated and risky positions by utilizing highly leveraged total return swaps, placing the risk of loss associated with these positions on Credit Suisse and its investors;
- Credit Suisse was understating its exposure to risk and thus overstating its Tier 1 capital ratios in its public statements; and
- Credit Suisse’s internal controls were inadequate to ensure that the Company’s potential liability to customers and losses arising from its exposure to customer losses were properly accounted for, managed and disclosed to investors.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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