Credit Suisse Group

Period: Feb 15, 2007 to Feb 19, 2008

Lead Plaintiff Deadline: Jun 20, 2008 + Deadline passed

Summary of Case:

Scott + Scott, LLP filed a securities class action on May 30, 2008, against Credit Suisse Group (Ticker: CS) ("Credit Suisse" or the "Company") on behalf of all securities purchasers from February 15, 2007 through February 19, 2008 (Class Period) in the United States District Court for the Southern District of New York.  The Lead Plaintiff deadline is June 20, 2008.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding Credit Suisse's business and financial results. The complaint further alleges that defendants failed to write down impaired securities containing mortgage-related debt. The true facts, which were known by defendants but concealed from the investing public during the Class Period, were as follows: (a) that defendants failed to record losses on the deterioration in mortgage assets and collateralized debt obligations ("CDOs") on Credit Suisse's books caused by the high amount of non-collectible mortgages included in the portfolio; (b) that Credit Suisse's internal controls were inadequate to ensure that losses on residential mortgage-related assets were accounted for properly; and (c) that Credit Suisse's traders had put incorrect values on CDOs and other debt securities, concealing the exposure the Company had to losses.

On February 19, 2008, Credit Suisse 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'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.

If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.

Complaint Early Notice