NEW YORK, NY / ACCESSWIRE / February 8, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Credit Suisse Group AG ('Credit Suisse' or the 'Company') (NYSE:CS). Such investors are advised to contact Robert S. Willoughby at email@example.com 888-476-6529, ext. 7980.
The investigation concerns whether Credit Suisse and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 28, 2022, the U.S. House of Representatives Committee on Oversight and Reform sent Credit Suisse a letter asking the Company to turn over information and documents about a portfolio of loans backed by yachts and private jets owned by clients, potentially including sanctioned Russian individuals. In particular, House Oversight Chair Carolyn Maloney and Rep. Stephen Lynch, chair of the Subcommittee on National Security, expressed alarm over Credit Suisse asking hedge funds and other investors to 'destroy documents' related to yachts and private jets owned by the bank's clients. 'Giving the timing of this request and its subject matter,' the House Democrats wrote, 'Credit Suisse's action raises significant concerns that it may be concealing information' about whether participants in the deal may be 'evading sanctions' imposed by the West after Russia's invasion of Ukraine.
On this news, the Company's stock price fell $0.21 per share, or 2.58%, to close at $7.94 per share on March 28, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP
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