SAN FRANCISCO, April 9, 2021 / PRNewswire / – Hagens Berman urges Credit Suisse Group AG (NYSE: CS) investors with significant losses to file their losses now.
Contact an attorney now: [email protected]
Investigation by Credit Suisse Group AG (NYSE: CS):
The investigation focuses on the accuracy of the internal controls and risk processes represented by Credit Suisse.
Credit Suisse has in the past touted its prudent, conscious and disciplined willingness to take risks. However, these representations have recently been called into question.
On March 1, 2021Bloomberg reported that Credit Suisse a $ 10 billion Family of funds that have invested in debt arranged by Greensill Capital. As the Wall Street Journal reports, Credit Suisse did not fix the situation despite knowing since 2019 that the funds were too dependent on the small group of insurers. Greensill later filed for bankruptcy. On March 16, 2021Credit Suisse announced that there may be a fee associated with its Greensill engagements, which it has repaid $ 3.1 billion of $ 10 billion to investors in the fund.
Then further March 29, 2021 Credit Suisse announced a major client (Bill Hwang of Archegos Capital Management, which pleaded guilty to fraud in 2012), fell behind with massive margin calls. Consequently on April 6, 2021Credit Suisse announced that a fee of over is expected $ 4 billion and Q1 2021 report losses of hundreds of millions of dollars.
All of this news has resulted in analysts downgrading Credit Suisse and slashing the price of Credit Suisse’s American Depositary Shares.
“We are focusing on investor losses and whether Credit Suisse is deliberately charging fees ahead of what it calls prudent risk management practices,” she said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are a Credit Suisse investor and you are experiencing significant losses or have knowledge that may aid the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Individuals with non-public information about Credit Suisse should review their options to help with the investigation or to use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Call for more information Reed Kathrein at 844-916-0895 or by email [email protected].
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SOURCE Hagens Berman Sobol Shapiro LLP