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The lawsuit, filed in federal court in Camden, NJ, alleges that Credit Suisse failed to disclose that it made false or misleading statements or suffered “significant” cash outflows in the fourth quarter and significant weaknesses in its internal controls.
The case was also brought against bank boss Ulrich Körner and chairman of the board, Axel Lehmann. The named lead plaintiff is suing on behalf of the owners of Credit Suisse American Depositary Shares (ADS) issued between March 10, 2022 and March 15, 2023, pursuant to the article.
According to the report, this will be the first lawsuit filed by US investors in connection with CS’ recent problems. When asked by the AWP, the bank did not comment on the report. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
