Credit Suisse Deadline Alert

Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Credit Suisse To Contact Him Directly To Discuss Their Options

New York, New York--(Newsfile Corp. - June 24, 2022) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Credit Suisse Group AG ("Credit Suisse" or the "Company") (NYSE: CS) and reminds investors of the June 28, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $100,000 investing in Credit Suisse stock or options between March 19, 2021 and March 25, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/CS.

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Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

Credit Suisse, together with its subsidiaries, provides various financial services in Switzerland, Europe, the Middle East, Africa, the Americas, and Asia Pacific. The Company offers private banking and wealth management solutions, including advisory, investment, financial planning, succession planning, and trust services, and financing and lending, and multi-shore platform solutions.

Credit Suisse has a history of business dealings with Russian oligarchs, or ultra-high net worth business leaders possessing significant political influence. For example, an article published by Financial Times on February 7, 2022, entitled "Credit Suisse securitizes yacht loans to oligarchs and tycoons", cited a recent investor presentation for a synthetic securitization deal, in which Credit Suisse sold off $80 million worth of risk related to a $2 billion portfolio of loans backed by assets owned by certain of the bank's ultra-high net worth clients (the "Securitization Deal"), which disclosed that, in 2017 and 2018, Credit Suisse experienced 12 defaults on yacht and aircraft loans, a third of which were related to U.S. sanctions against Russian oligarchs. Press reports at the time indicated that Russian billionaires Oleg Deripaska, Arkady Rotenberg, and Boris Rotenberg had to terminate private jet leases with Credit Suisse in those years.

Beginning in or around October 2021, Russia commenced a major military build-up near the Russo-Ukrainian border, in apparent preparation for an invasion of Ukraine. Although the Russian government repeatedly denied it had plans to invade or attack Ukraine, the U.S. later released intelligence of Russian invasion plans, including satellite photographs showing Russian troops and equipment near the Russo-Ukrainian border.

In November 2021, as Russia's military buildup on the Russo-Ukrainian border continued, the Company entered the Securitization Deal.

Just months later, on February 24, 2022, Russian military forces invaded Ukraine. In the immediate aftermath of the invasion, Western governments including, among others, the U.S., Canada, and the European Union, imposed significant sanctions on Russia. The sanctions included, inter alia, measures targeting Russia's ultrawealthy oligarchs by denying them access to the global financial system and by, in some cases, authorizing the seizure of certain of their high-value assets located outside of Russia.

Barely a week after the commencement of the Russian invasion and the retaliatory sanctions imposed by Western nations, news outlets reported that Credit Suisse had requested non-participating investors who received information about the Company's loan portfolio to destroy and permanently erase any confidential information that Credit Suisse provided to them regarding the Securitization Deal.

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Credit Suisse had deficient disclosure controls and procedures and internal control over financial reporting; (ii) Credit Suisse's practice of lending money to Russian oligarchs subject to U.S. and international sanctions created a significant risk of violating rules pertaining to those sanctions and future sanctions; (iii) the foregoing conduct subjected the Company to an increased risk of heightened regulatory scrutiny and/or enforcement actions; (iv) the Securitization Deal concerned loans that Credit Suisse made to Russian oligarchs previously sanctioned by the U.S.; (v) the purpose of the Securitization Deal was to offload the risks associated with these loans and mitigate the impact on Credit Suisse of sanctions likely to be implemented by Western nations in response to Russia's invasion of Ukraine; (vi) Credit Suisse's request that non-participating investors destroy documents related to the Securitization Deal was intended to conceal the Company's noncompliance with U.S. and international sanctions in its lending practices; (vii) the foregoing, once revealed, was likely to subject the Company to enhanced regulatory scrutiny and significant reputational harm; and (viii) as a result, the Company's public statements were materially false and misleading at all relevant times.

On March 28, 2022, the U.S. House of Representatives Committee on Oversight and Reform ("House Oversight Committee") sent Credit Suisse a letter asking the Company to turn over information and documents about a portfolio of loans backed by yachts and private jets owned by clients, potentially including sanctioned Russian individuals. In the letter, House Oversight Chair Carolyn Maloney and Rep. Stephen Lynch, chair of the Subcommittee on National Security, questioned Credit Suisse's request that hedge funds and other non-participating investors "destroy documents" related to yachts and private jets owned by the bank's clients. "Given the timing of this request and its subject matter," the House Democrats wrote, "Credit Suisse's action raises significant concerns that it may be concealing information" about whether participants in the deal may be "evading sanctions" imposed by the West after Russia's invasion of Ukraine.

On this news, Credit Suisse's stock price fell $0.21 per share, or 2.58%, to close at $7.94 per share on March 28, 2022.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Credit Suisse's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

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