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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of August 1, 2011 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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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
Settlement Overview
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March 24, 2011 - The court preliminarily approved the settlement.
March 10, 2011 - A stipulation of settlement was filed by the parties.
March 10, 2010 - A second amended complaint was filed.
September 28, 2009 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
December 19, 2008 - A motion to dismiss the amended complaint was filed.
October 21, 2008 - An amended complaint was filed.
April 21, 2008 - An investor in American Depositary Receipts (ADR) of Credit Suisse Group (NYSE: CS) 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 and certain of its officers and/or directors.
According to the complaint the plaintiff alleges on behalf of all persons who purchased or otherwise acquired the American Depositary Receipts of Credit Suisse Group and U.S. residents or citizens who purchased Credit Suisse stock between February 15, 2007 and February 19, 2008 that Credit Suisse Group (NYSE: CS) and certain of its officers and/or directors violated the Securities Exchange Act of 1934.
Specifically, the complaint alleges that, between February 15, 2007 and February 19, 2008, defendants issued materially false and misleading statements regarding Credit Suisse Group’s business and financial results. The complaint further alleges that defendants failed to write down impaired securities containing mortgage-related debt.
According to the complaint, the true facts, which were known by defendants but concealed from the investing public between February 15, 2007 and February 19, 2008 were as follows: (a) that defendants failed to record losses on the deterioration in mortgage assets and collateralized debt obligations (“CDOs”) on Credit Suisse Group’s books caused by the high amount of non-collectible mortgages included in the portfolio; (b) that Credit Suisse Group’s internal controls were inadequate to ensure that losses on residential mortgage-related assets were accounted for properly; and (c) that Credit Suisse Group’s traders had put incorrect values on CDOs and other debt securities, concealing the exposure Credit Suisse Group had to losses.
On February 19, 2008, Credit Suisse Group announced that it had undertaken an internal review that resulted in the repricing of certain asset-backed positions in its Structured Credit Trading business. The total fair value reductions of these positions were estimated at approximately $2.85 billion.
On this news, Credit Suisse Group’s ADRs collapsed to close at $48.22 per ADR on February 19, 2008, a decline of almost 31% from $69.61 per ADR in early October 2007.
Credit Suisse operates as a financial services company. The Company operates in three segments: Investment Banking, Private Banking, and Asset Management.