Class Action Lawsuit Against Credit Suisse on Behalf of TVIX Investors in VelocityShares Daily 2x VIX Short ETN
About the TVIX Lawsuit
VelocityShares TVIX Lawsuit
The Investment Fraud Attorneys of Gilman Law LLP announce that a class action lawsuit has been filed against Credit Suisse on Behalf of Investors in TVIX exchange traded notes (TVIX ETN) (NYSE:ARCA: TVIX). Investors who purchased or otherwise acquired shares in TVIX pursuant and/or traceable to a November 29, 2010 pricing supplement (together with a March 25, 2009 Registration Statement and Prospectus) and held TVIX ETNs through and including March 22, 2012 (Class Period), may have a claim to recover their losses in TVIX. TVIX ETNs were sold to investors during the Class Period by Credit Suisse AG and its affiliate Credit Suisse Securities (USA) LLC.
Legal Help for Investors with Losses in TVIX
- Deadline: July 24, 2012
- Class Period: November 29, 2010 – March 22, 2012
- E-mail: kgilman@gilmanlawllp.com
- Telephone: (888) 252-0048
- Mail: 4001 Bonita Beach Rd., Suite 407, Bonita Springs, FL 40140
TVIX Lawsuit Details
Specifically, the complaint alleges that on February 21, 2012, Credit Suisse announced that it temporarily suspended further issuances of the TVIX ETNs due to “internal limits” reached on the size of the ETNs. As a result of the suspension, shares of TVIX subsequently traded at prices uncorrelated to the S&P VIX Short-term Futures index (the index that the ETN was purportedly designed to track through the use of VIX futures). This “disconnect” lasted for approximately one month.
On March 22, 2012, shares of TVIX declined in price by over 29% as rumors leaked into the market that Credit Suisse was considering whether to recommence issuance of the ETNs. On March 23, 2012, after Credit Suisse announced that it would reopen issuance of TVIX shares on a limited basis, shares of TVIX declined further by almost 40%.
The complaint alleges that these losses are a result of risks that were materially understated or omitted in the TVIX Offering Documents. Credit Suisse also misleadingly omitted to disclose necessary information and material risks of certain scenarios transpiring that might lead to large losses from investments in TVIX ETNs.
About our Investment Fraud Attorneys
The Securities Fraud Attorneys at Gilman Law LLP have over 35 years of experience in securities litigation. Our Investment Fraud Attorneys focus on cases involving securities litigation, securities fraud, mergers and acquisitions, breaches of fiduciary duty, and other shareholder disputes.