Abraham, Fruchter & Twersky, LLP (www.aftlaw.com) is hereby giving notice that it filed a securities class action lawsuit captioned Rubinstein v. Credit Suisse Group AG No. 1:19-cv-01069 (S.D.N.Y.) on behalf of purchasers of VelocityShares Daily Inverse VIX Medium Term Exchange Traded Notes (“ZIV”) (NASDAQ:ZIV) between June 30, 2017 and February 5, 2018 (the “Class Period”) alleging violations of the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).
The complaint alleges that, during the Class Period, defendants made materially false or misleading statements relating to the risks of investing in ZIV including that: (i) the inverse ETNs was not appropriate for managing daily trading risks; (ii) Credit Suisse had designed the ZIV to fail under certain market conditions; (iii) Credit Suisse had offered and sold more inverse ETNs than the market could bear which would enable Credit Suisse to cause the collapse of the inverse ETNs when the opportunity presented itself; and (iv) Credit Suisse could actively manipulate inverse ETNs by precipitating an acute liquidity event in volatility markets including markets for VIX futures. The price of ZIV dropped from $85.41 to $68.50 on abnormally high trading volume between February 2, 2018 and February 6, 2018 when these previously undisclosed adverse facts became known.
The Securities Act and the Exchange Act as amended by the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) permit any investor who purchased ZIV during the Class Period to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, you may contact plaintiff’s counsel, Jeffrey S. Abraham or Matthew E. Guarnero of Abraham, Fruchter and Twersky, LLP at (212) 279-5050 or by email at firstname.lastname@example.org.
Abraham, Fruchter & Twersky, LLP, is a New York-based law firm with extensive experience in shareholder and securities class action cases. The firm has been ranked among the leading class action law firms in terms of recoveries achieved for shareholders.
Rubinstein v. Credit Suisse — Filed.Complaint.ECF.Stamped