Peiffer Wolf and Daren A. Luma File Class Action Lawsuit Against Credit Suisse AG

On January 6, 2022, Peiffer Wolf Carr Kane & Conway, LLP (“Peiffer Wolf”) and Daren A. Luma, PLLC filed a class action lawsuit against Credit Suisse AG (“Credit Suisse”) alleging violations of the Securities Exchange Act of 1934 and 17 CFR § 240.10b-5 promulgated thereunder. The case was filed in the United States District Court for the Southern District of New York and is captioned Gomez vs. Credit Suisse AG, No. 1:22-cv-00115-JPC-DCM. The lawsuit seeks to represent all persons who initiated a short position in DGAZ or DGAZF prior to August 3, 2020, and thereafter purchased DGAZF on the over-the-counter market to cover that position, in whole or in part.

The complaint alleges that Credit Suisse made untrue statements of material fact and/or omitted material facts necessary to make the statements not misleading; and engaged in acts, practices, and a course of business that operated as a fraud and deceit upon the holders of short positions in DGAZ/DGAZF notes. Specifically, it is alleged that Credit Suisse approved and disseminated a materially false and misleading Press Release announcing that DGAZ was being delisted and that Credit Suisse would cease issuance of additional notes without disclosing that market conditions were such that a short squeeze was imminent, and that the price of DGAZ would become completely dislocated from the underlying Index value. The complaint further alleges that because of Credit Suisse’s actions, short holders subsequently paid artificially inflated prices on the OTC Pink market to cover outstanding short positions.

A copy of the complaint is available from the Court; from attorney Daren A. Luma (dluma@lumalegal.com), or from Peiffer Wolf attorneys Joe Peiffer (jpeiffer@peifferwolf.com), Jason Kane (jkane@peifferwolf.com), Dan Centner (dcentner@peifferwolf.com) and/or Grace Hancock (ghancock@peifferwolf.com).

Not later than 60 days after the date on which this notice is published, any member of the purported class may move the Court to serve as lead plaintiff of the purported class. Your ability to share in any recovery doesn’t require that the Court appoint you as lead plaintiff.

The Law firms Peiffer Wolf and Daren A. Luma, PLLC concentrate on representing investors in securities, consumer class actions, and individual cases around the country. Please visit https://www.peifferwolf.com and https://www.lumalegal.com for more information.

Responsible Attorneys, Daren Luma and Dan Centner
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