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This case was last updated from PACER on 06/15/2021 at 12:55:59 (UTC).

City of St. Clair Shores Police and Fire Retirement System v. Credit Suisse Group AG et al

Case Summary

On April 16, 2021, City of St. Clair Shores Police and Fire Retirement System (“Plaintiff”), individually and on behalf of all others similarly situated, represented by Samuel Howard Rudman of Robbins Geller Rudman & Dowd LLP, filed a civil action against Credit SUISSE Group AG, Thomas Gottstein, Lara J. Warner and David R. Mathers, (collectively, “Defendants”), seeking injunctive relief, damages among other reliefs, for the alleged violation of the federal securities laws. This case was filed in the U.S. District Court for the Southern District of New York with Judge Naomi Reice Buchwald presiding. 

 

The Plaintiff brings this securities class action on behalf of all persons who purchased or otherwise acquired Credit Suisse American Depositary Receipts (“ADRs”) between October 29, 2020 and March 31, 2021 (the “Class Period”).

 

In the complaint, the Plaintiff alleged that “During the Class Period, defendants issued materially false and misleading statements regarding the Company’s business metrics and financial prospects. Specifically, defendants concealed material defects in the Company’s risk policies and procedures and compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage, including Greensill Capital (“Greensill”) and Archegos Capital Management (“Archegos”), exposing the Company to billions of dollars in losses. Not only did defendants conceal these operational landmines from Credit Suisse investors, which caused the price of Credit Suisse securities to be artificially inflated, but they also undertook actions indicating that Credit Suisse securities were substantially undervalued, such as a massive stock buy-back program worth 1.5 billion Swiss francs worth (equivalent to $1.6 billion). As a result of defendants’ false statements, Credit Suisse ADRs traded at artificially inflated prices, reaching a high of $14.95 per ADR by February 2021.” 

 

Furthermore, “The true facts, which were known or recklessly disregarded by the defendants but concealed from the investing public during the Class Period, were that Credit Suisse had ignored numerous red flags in connection with the Greensill funds, such as suspicious shipment activities during an internal compliance check, and overrode the concerns of the Company’s in-house credit-structuring team in packing and selling billions of dollars’ worth of Greensill-linked securities to investors.”

 

The Plaintiff further alleged that “Credit Suisse and Defendants Gottstein, Warner and Mathers (the “Individual Defendants”), acted with scienter in that they: (i) knew that the public documents and statements issued or disseminated in the name of the Company were materially false and misleading; (ii) knew that such statements or documents would be issued or disseminated to the investing public; and (iii) knowingly and substantially participated or acquiesced in the issuance or dissemination of such statements or documents as primary violations of the federal securities laws.”

 

There are two claims for relief laid down by the Plaintiff; these are for (a) alleged Violation of §10(b) of the 1934 Act and Rule 10b-5 Against All Defendants; and (b) For alleged Violation of §20(a) of the 1934 Act Against All Defendants.

 

In its prayer for relief, the Plaintiff has requested the Court to declare this action to be a proper class action pursuant to Fed. R. Civ. P. 23; to appoint the Plaintiff as a lead Plaintiff and approve its selection of lead counsel; to award the Plaintiff and the members of the class damages, including interest; and to award the Plaintiff’s reasonable costs and attorneys’ fees.

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:21-CV-03385

  • Filing Date:

    04/16/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

  • Court:

    U.S. District Courts

  • Courthouse:

    New York Southern District

Judge Details

Presiding Judge

Naomi Reice Buchwald

 

Party Details

Plaintiff

City of St. Clair Shores Police and Fire Retirement System

Defendants

Thomas Gottstein

David R. Mathers

Credit Suisse Group AG

Lara J. Warner

Attorney/Law Firm Details

Plaintiff Attorney

Samuel Howard Rudman

Attorney at Robbins Geller Rudman & Dowd LLP (LI)

58 South Service Road, Suite 200

Melville, NY 11747

Defendant Attorneys

Herbert Scott Washer

Attorney at Cahill Gordon & Reindel LLP

32 Old Slip

New York, NY 10005

Adam Shawn Mintz

Attorney at Cahill Gordon & Reindel LLP

32 Old Slip

New York, NY 10005

Tara Halsch Curtin

Attorney at Cahill Gordon & Reindel LLP

32 Old Slip

New York, NY 10005

Sheila Chithran Ramesh

Attorney at Cahill Gordon & Reindel LLP

32 Old Slip

New York, NY 10005

Joel Laurence Kurtzberg

Attorney at Cahill Gordon & Reindel LLP

32 Old Slip, 10005

New York, NY 10005

 

Court Documents

#13

(#13) ORDER granting #12 Letter Motion for Extension of Time. Application granted. SO ORDERED. Motions due by 6/15/2021. (Signed by Judge Naomi Reice Buchwald on 5/13/2021) (mml) (Entered: 05/13/2021)

#12

(#12) JOINT LETTER MOTION for Extension of Time /Proposing Schedule for Further Proceedings addressed to Judge Naomi Reice Buchwald from Herbert S. Washer dated May 12, 2021. Document filed by Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner..(Washer, Herbert) (Entered: 05/12/2021)

#11

(#11) RULE 7.1 CORPORATE DISCLOSURE STATEMENT. No Corporate Parent. Document filed by Credit Suisse Group AG..(Washer, Herbert) (Entered: 05/12/2021)

#10

(#10) NOTICE OF APPEARANCE by Tara Halsch Curtin on behalf of Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner..(Curtin, Tara) (Entered: 05/12/2021)

#9

(#9) NOTICE OF APPEARANCE by Adam Shawn Mintz on behalf of Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner..(Mintz, Adam) (Entered: 05/12/2021)

#8

(#8) NOTICE OF APPEARANCE by Sheila Chithran Ramesh on behalf of Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner..(Ramesh, Sheila) (Entered: 05/12/2021)

#7

(#7) NOTICE OF APPEARANCE by Joel Laurence Kurtzberg on behalf of Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner..(Kurtzberg, Joel) (Entered: 05/12/2021)

#6

(#6) NOTICE OF APPEARANCE by Herbert Scott Washer on behalf of Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner..(Washer, Herbert) (Entered: 05/12/2021)

#5

(#5) AFFIDAVIT OF SERVICE. Credit Suisse Group AG served on 4/26/2021, answer due 5/17/2021. Service was accepted by Lynanne Gares, Service of Process Intake Clerk. Document filed by City of St. Clair Shores Police and Fire Retirement System..(Rudman, Samuel) (Entered: 04/28/2021)

#4

(#4) ELECTRONIC SUMMONS ISSUED as to Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner..(pc) (Entered: 04/19/2021)

#3

(#3) REQUEST FOR ISSUANCE OF SUMMONS as to Credit Suisse Group AG, Thomas Gottstein, Lara J. Warner and David R. Mathers, re: #1 Complaint. Document filed by City of St. Clair Shores Police and Fire Retirement System..(Rudman, Samuel) (Entered: 04/16/2021)

#2

(#2) CIVIL COVER SHEET filed..(Rudman, Samuel) (Entered: 04/16/2021)

#1

(#1) COMPLAINT against Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner. (Filing Fee $ 402.00, Receipt Number ANYSDC-24413493)Document filed by City of St. Clair Shores Police and Fire Retirement System..(Rudman, Samuel) (Entered: 04/16/2021)

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Docket Entries

  • 05/13/2021
  • DocketSet/Reset Deadlines: Responses due by 6/29/2021 Replies due by 7/6/2021. (mml) (Entered: 05/13/2021)

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  • 05/13/2021
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  • Docket(#13) ORDER granting #12 Letter Motion for Extension of Time. Application granted. SO ORDERED. Motions due by 6/15/2021. (Signed by Judge Naomi Reice Buchwald on 5/13/2021) (mml) (Entered: 05/13/2021)

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  • 05/12/2021
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  • Docket(#12) JOINT LETTER MOTION for Extension of Time /Proposing Schedule for Further Proceedings addressed to Judge Naomi Reice Buchwald from Herbert S. Washer dated May 12, 2021. Document filed by Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner..(Washer, Herbert) (Entered: 05/12/2021)

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  • 05/12/2021
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  • Docket(#11) RULE 7.1 CORPORATE DISCLOSURE STATEMENT. No Corporate Parent. Document filed by Credit Suisse Group AG..(Washer, Herbert) (Entered: 05/12/2021)

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  • 05/12/2021
  • View Court Documents
  • Docket(#10) NOTICE OF APPEARANCE by Tara Halsch Curtin on behalf of Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner..(Curtin, Tara) (Entered: 05/12/2021)

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  • 05/12/2021
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  • Docket(#9) NOTICE OF APPEARANCE by Adam Shawn Mintz on behalf of Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner..(Mintz, Adam) (Entered: 05/12/2021)

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  • 05/12/2021
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  • Docket(#8) NOTICE OF APPEARANCE by Sheila Chithran Ramesh on behalf of Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner..(Ramesh, Sheila) (Entered: 05/12/2021)

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  • 05/12/2021
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  • Docket(#7) NOTICE OF APPEARANCE by Joel Laurence Kurtzberg on behalf of Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner..(Kurtzberg, Joel) (Entered: 05/12/2021)

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  • 05/12/2021
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  • Docket(#6) NOTICE OF APPEARANCE by Herbert Scott Washer on behalf of Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner..(Washer, Herbert) (Entered: 05/12/2021)

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  • 04/28/2021
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  • Docket(#5) AFFIDAVIT OF SERVICE. Credit Suisse Group AG served on 4/26/2021, answer due 5/17/2021. Service was accepted by Lynanne Gares, Service of Process Intake Clerk. Document filed by City of St. Clair Shores Police and Fire Retirement System..(Rudman, Samuel) (Entered: 04/28/2021)

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  • 04/19/2021
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  • Docket(#4) ELECTRONIC SUMMONS ISSUED as to Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner..(pc) (Entered: 04/19/2021)

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  • 04/19/2021
  • DocketCase Designated ECF. (pc) (Entered: 04/19/2021)

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  • 04/19/2021
  • DocketMagistrate Judge Barbara C. Moses is so designated. Pursuant to 28 U.S.C. Section 636(c) and Fed. R. Civ. P. 73(b)(1) parties are notified that they may consent to proceed before a United States Magistrate Judge. Parties who wish to consent may access the necessary form at the following link: #https://nysd.uscourts.gov/sites/default/files/2018-06/AO-3.pdf. (pc) (Entered: 04/19/2021)

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  • 04/19/2021
  • DocketCASE OPENING INITIAL ASSIGNMENT NOTICE: The above-entitled action is assigned to Judge Naomi Reice Buchwald. Please download and review the Individual Practices of the assigned District Judge, located at #https://nysd.uscourts.gov/judges/district-judges. Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. Please download and review the ECF Rules and Instructions, located at #https://nysd.uscourts.gov/rules/ecf-related-instructions..(pc) (Entered: 04/19/2021)

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  • 04/19/2021
  • Docket***NOTICE TO ATTORNEY REGARDING CIVIL. CASE OPENING STATISTICAL ERROR CORRECTION: Notice to attorney City of St. Clair Shores Police and Fire Retirement System. The following case opening statistical information was erroneously selected/entered: County code New York;. The following correction(s) have been made to your case entry: the County code has been modified to XX Out of State;. (pc) (Entered: 04/19/2021)

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  • 04/19/2021
  • Docket***NOTICE TO ATTORNEY REGARDING PARTY MODIFICATION. Notice to attorney Samuel Howard Rudman. The party information for the following party/parties has been modified: City of St. Clair Shores Police and Fire Retirement System. The information for the party/parties has been modified for the following reason/reasons: party text was omitted;. (pc) (Entered: 04/19/2021)

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  • 04/16/2021
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  • Docket(#3) REQUEST FOR ISSUANCE OF SUMMONS as to Credit Suisse Group AG, Thomas Gottstein, Lara J. Warner and David R. Mathers, re: #1 Complaint. Document filed by City of St. Clair Shores Police and Fire Retirement System..(Rudman, Samuel) (Entered: 04/16/2021)

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  • 04/16/2021
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  • Docket(#2) CIVIL COVER SHEET filed..(Rudman, Samuel) (Entered: 04/16/2021)

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  • 04/16/2021
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  • Docket(#1) COMPLAINT against Credit Suisse Group AG, Thomas Gottstein, David R. Mathers, Lara J. Warner. (Filing Fee $ 402.00, Receipt Number ANYSDC-24413493)Document filed by City of St. Clair Shores Police and Fire Retirement System..(Rudman, Samuel) (Entered: 04/16/2021)

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