Anonymous ID: de1e79 July 10, 2020, 2:23 p.m. No.9918512   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>8728 >>8893

Credit Suisse settles U.S. shareholder lawsuit over debt writedowns, disclosures

 

Credit Suisse Group AG (CSGN.S) agreed to pay $15.5 million to settle a lawsuit accusing it of defrauding shareholders about its risk appetite and management before taking $1 billion of writedowns on souring debt, court filings on Friday show.

 

The preliminary settlement of the proposed class action by holders of the Swiss bankโ€™s American depositary receipts from March 2015 to February 2016 requires approval by U.S. District Judge Lorna Schofield in Manhattan federal court. Investors led by four pension and retirement plans in New York, Illinois and Alabama claimed they lost money after the bank misled them by touting its โ€œcomprehensiveโ€ risk controls and โ€œbindingโ€ limits on its exposure to risky and illiquid debt.

 

Credit Suisse took two writedowns in early 2016 on $4.3 billion of collateralized loan obligations and distressed debt, contributing to its first full-year loss since the 2008 global financial crisis.

The bank denied wrongdoing in agreeing to settle, and had previously argued it had no intent to defraud. It did not immediately respond to requests for comment.

https://www.reuters.com/article/us-credit-suisse-settlement/credit-suisse-settles-u-s-shareholder-lawsuit-over-debt-writedowns-disclosures-idUSKBN24B2YQ

Total parking ticket here again. No one would refuse this business model where you pay pennies on the dollar against the profits you made by lying to your clients about what you sold them. They also did not do a good job with due diligence either. The facts are in the prospectus' issued but few ever take the time to read them

Anonymous ID: de1e79 July 10, 2020, 2:44 p.m. No.9918746   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>8893

Crowdstrike Holdings Inc sold by BoD member: $9.65m-July 8-9

 

Class B common stock convert into Class A common stock on a one-for-one basis and sale

Joseph E. Sexton has served on our board of directors since March 2015. He has been a private investor since June 2017. From September 2016 to May 2017, he served as an executive in residence for the venture capital firms of Lightspeed Venture Partners and Greylock Partners, where he advised portfolio companies on sales strategy and execution. From December 2012 to April 2017, he served as president of worldwide field operations of AppDynamics, Inc., an application intelligence software company. Sexton currently serves on the board of directors of a privately-held company. Sexton holds a B.B.A. in Marketing from the University of Kentucky.

https://ir.crowdstrike.com/board-member/joseph-sexton

https://www.finviz.com/insidertrading.ashx?oc=1778472&tc=7&b=2