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Case ID: 5098 | Stocks | 07/21/2008
On June 23, 2008, the Court entered the Order consolidating two cases under case, 08 Civ. 3758. On July 7, 2008, the Court entered the Stipulation and Order appointing Kevin Cornwell and John M. Grady as co-lead plaintiffs for the class. Further, according to the Order, Cornwell's and Grady's selection of the law firms of Coughlin Stoia Geller Rudman & Robbins L.L.P. and Scott + Scott, L.L.P. to serve as Lead Counsel is approved.
According to a press release dated April 21, 2008, the complaint charges Credit Suisse and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Credit Suisse operates as a financial services company. The Company operates in three segments: Investment Banking, Private Banking, and Asset Management. Specifically, the complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’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 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. NOTE: The class action has been commenced 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 the Class Period.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Several class actions have been filed against grocery store operator Winn Dixie Stores, Inc. (NYSE: WIN) and certain of its officers and directors by stockholders who purchased the company's common stock between October 9, 2002, and January 30, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against DreamWorks Animation SKG, Inc. (NYSE:DWA), certain of its officers and directors by stockholders who purchased the company's common stock between October 27, 2004 and May 10, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against disease management program provider Matria Healthcare, Inc. (Nasdaq: MATR) and certain of its officers and directors by stockholders who purchased the company's common stock between October 24, 2001, and June 25, 2002. Several class actions have been filed against petrochemical giant Exxon Mobil Corporation (NYSE:XOM) and certain of its officers and directors by stockholders who purchased, owned, or otherwise acquired Mobil shares and whose Mobil shares were exchanged for Exxon Mobil common stock as a result of the merger transaction approved by shareholders on May 27, 1999. The actions claim that the defendants violated federal securities laws by issuing materially false and misleading financial statements contained in a proxy filed with the Securities and Exchange Commission, overstating the Exxon's financial condition by inflating revenue and failing to account for impaired assets in violation of General Accepted Accounting Principles. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against newspaper publisher Hollinger International, Inc. (NYSE: HLR) and certain of its officers and directors by stockholders who purchased the company's common stock between August 13, 1999, and March 31, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Constar International Inc. (Nasdaq: CNST), a global producer of polyethylene terephthalate (PET) plastic containers for food and beverages, and certain of its officers and directors by stockholders who purchased the company's common stock pursuant to Constar's November 2002 Initial Public Offering.
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