Credit Suisse Group AG and five of its current and former executives made misleading and false statements to shareholders last year about, among other things, the bank’s financial prospects, a new class action lawsuit alleges.
Plaintiff Braden Turner claims Credit Suisse failed to disclose to its investors last year that it was “experiencing significant outflows” throughout the bank’s fourth quarter and that it had “material weaknesses with internal controls.”
Turner argues Credit Suisse and the current and former executives named in the class action lawsuit ultimately both misrepresented and failed to disclose “adverse facts” that pertained to its business, operations, and prospects.
“Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times,” the Credit Suisse class action states.
Turner wants to represent a nationwide class of all persons or entities who purchased or otherwise acquired Credit Suisse American Depositary Shares (ADS) from between March 10, 2022 and...
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