Pomerantz LLP is investigating claims on behalf of investors of Credit Suisse Group A.G. ("Credit Suisse" or the "Company") (NYSE: CS). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Credit Suisse and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 5, 2018, the intraday value of Credit Suisse's VelocityShares Daily Inverse Short-Term Exchange-Traded Note ("XIV") fell to 20% of the previous day's closing value. On the morning of February 6, 2018, citing an "acceleration event", Credit Suisse advised investors that the acceleration date of the XIV note—i.e., the date on which investors will receive a cash payment equal to the closing value that day—is expected to be February 21, 2018, thereby effectively announcing the product's liquidation. The online publication ForexLive noted that "[n]umbers published [September] 30 showed Credit Suisse holding nearly 5 million of the [XIV] shares itself. Those would have been worth $550 million at the open and about $20 million now—a net loss of $530 million for the Swiss bank." Credit Suisse's American Depositary Receipt price fell $0.37, or 2.01%, to close at $18.00 on February 6, 2018.