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SAN FRANCISCO, March 16, 2018 -- Hagens Berman Sobol Shapiro LLP alerts investors in Credit Suisse VelocityShares Daily Inverse VIX Short Term ETNs (XIV) to the May 14, 2018 Lead Plaintiff deadline in the securities class action pending in the United States District Court for the Southern District of New York. If you purchased or otherwise acquired XIV securities between January 29, 2018 and February 5, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, visit:
https://www.hbsslaw.com/cases/XIV
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
On March 12, 2018, an analyst reported Credit Suisse knowingly did not perform duties recited in its January 29, 2018 VelocityShares Pricing Supplement.
The analyst reported “Credit Suisse represented in the Pricing Supplement that it would publish an estimate of the current economic value of XIV every 15 seconds based on real time VIX futures prices but, in fact, did not.”
More specifically, on February 5, 2018 “Credit Suisse effectively stopped updating its estimate of the current economic value of XIV shares at 4:10 pm when VIX futures prices were changing significantly” and “investors continued to buy XIV between 4:15 pm and 5:08 pm . . . when Credit Suisse was representing to the public that the economic value of the notes was $24.6961 but had to know that the true economic value was already between $4.22 and $4.40.”
“XIV investors have suffered enormous losses,” said Hagens Berman partner Reed Kathrein. “We’re focused on representations in Defendants’ Pricing Supplement and their possibly self-interested trading.”
Whistleblowers: Persons with non-public information regarding XIV should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 70+ attorneys in 11 offices across the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
