BOSTON, MA--(Marketwire - Jul 11, 2012) - Shareholder Rights Law Firm Gilman Law LLP announces that another class action lawsuit has been commenced in the District Court for the Southern District of New York 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 between November 30, 2010 through and including March 22, 2012 (Class Period), may have a claim to recover their losses in TVIX. The TVIX ETNs were sold to investors during the Class Period by Credit Suisse AG and its affiliate Credit Suisse Securities (USA) LLC.
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. After Credit Suisse announced that it would reopen issuance of TVIX shares on a limited basis, shares of TVIX declined further by almost 30%. Shares of TVIX have continued to plummet to as low as $4.04 on July 11, 2012.
If you suffered a loss of $600,000 or more in TVIX, you have until July 24, 2012 to request that the Court appoint you as a lead plaintiff. To obtain additional information, contact our Securities Fraud Attorneys for a Free Consultation:
Our Investment Fraud Attorneys focus on cases involving securities litigation, securities fraud, mergers and acquisitions, breaches of fiduciary duty, and other shareholder disputes. The Securities Fraud Attorneys at Gilman Law LLP have over 33 years of experience in securities litigation.