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Credit Suisse Sued Over Claims of Failure to Report Internal Control Weaknesses

© AP Photo / Frank Augstein / A man walks past the Credit Suisse bank headquarters in London, Thursday, March 16, 2023A man walks past the Credit Suisse bank headquarters in London, Thursday, March 16, 2023
A man walks past the Credit Suisse bank headquarters in London, Thursday, March 16, 2023 - Sputnik International, 1920, 16.03.2023
WASHINGTON (Sputnik) - The Switzerland-based global investment bank Credit Suisse is facing a shareholder lawsuit over claims that the financial institution misled investors by failing to disclose significant internal control weaknesses ahead of its present liquidity crunch and stock value drop, according to a court complaint filed Thursday.
Credit Suisse made statements in annual financial reports that were "materially false and/or misleading because they misrepresented and failed to disclose" adverse facts pertaining to the bank’s business operations, which were known or "recklessly disregarded" by it, the filing said.
As a result of Credit Suisse’s alleged wrongful acts and omissions, the suing shareholders are claiming significant losses and damages, the filing said. The class action suit was filed on behalf of all persons or entities who acquired Credit Suisse shares between March 10, 2022 and March 15, 2023.
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The filing requests the court award damages in favor of the shareholders and demands a trial by jury.
Credit Suisse overstated the company’s financial position and downplayed recent quarterly losses and compliance failures on liquidity and client fund retention, the lawsuit alleges.
Earlier this week, Credit Suisse’s share price plunged nearly 30%, sparking concerns about a liquidity crunch. The incident followed the collapse of several US financial institutions, including Silicon Valley Bank.
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The Swiss Financial Market Supervisory Authority said on Wednesday that Credit Suisse meets liquidity requirements, but that the Swiss National Bank will provide liquidity if necessary. On Thursday, Credit Suisse announced the sale of more than $3bln in assets.
The Swiss Federal Council convened an emergency meeting on Thursday to discuss the situation. Credit Suisse offices in Zurich are working as usual, with no queues at ATMs, an RIA Novosti correspondent reported on Thursday.
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