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Credit Suisse Group AG’s VelocityShares Daily Inverse VIX Short Term ETNs (NASDAQGM: XIV) Investor Securities Class Action Lawsuit 03/14/2018

  • If you purchased shares of Credit Suisse Group AG’s VelocityShares Daily Inverse VIX Short Term ETNs (NASDAQGM: XIV), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Security
NASDAQ: XIV

Case Name
Credit Suisse Group AG’s VelocityShares Daily Inverse VIX Short Term ETN Shareholder Class Action Lawsuit 03/14/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 25, 2019 - The court granted the defendants' motion to dismiss. The case was dismissed without leave to amend.

November 2, 2018 - A motion to dismiss the consolidated complaint was filed.

August 20, 2018 - A consolidated complaint was filed.

March 14, 2018 - An investor in shares of Credit Suisse Group AG’s VelocityShares Daily Inverse VIX Short Term ETNs (NASDAQGM: XIV) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Credit Suisse Group in connection with certain allegedly false and misleading statements made between January 29, 2018 and February 5, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Credit Suisse Group AG’s VelocityShares Daily Inverse VIX Short Term ETNs (NASDAQGM: XIV) common shares between January 29, 2018 and February 5, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that that Credit Suisse was actively manipulating the Inverse VIX Short ETNs by liquidating its holdings in various financial products to avoid a loss, that Credit Suisse was manipulating the Inverse VIX Short ETNs to the detriment of investors, and that as a result of the foregoing, Defendants’ statements about Credit Suisse’s Inverse VIX Short ETNs were false and misleading and/or lacked a reasonable basis.

Shares of Credit Suisse AG - VelocityShares Daily Inverse VIX Short Term ETN (NASDAQ:XIV) rose from $16.68 per share on February 12, 2016 to as high as $146.44 per share on January 11, 2018.

On February 6, 2018, Credit Suisse announced an event acceleration of XIV due to an acceleration event.

Shares of Credit Suisse AG - VelocityShares Daily Inverse VIX Short Term ETN (NASDAQ:XIV) declined to as low as $5.10 per share on February 8, 2018.