
LegalZoom.com, Inc. (LZ)
Whether directors and officers of LegalZoom.com, Inc. (LZ) breached their fiduciary duties to the company and its shareholders.
Investigation
03/28/2022
Initial Lawsuit
04/29/2022
Lawsuit Progression
06/28/2022
Investors investigation related to the Financial Times report on Credit Suisse’s letter sent to investors to “destroy and permanently erase” documents relating to its richest clients’ yachts and private jets and following letter by the U.S. House of Representatives to its chief executive officer (CEO) Thomas Gottstein seeking information related to its “compliance with international economic sanctions imposed due to Russia’s war of aggression against Ukraine.”
03/02/2022
The Financial Times reports that Credit Suisse “asked hedge funds and other investors to destroy documents relating to its richest clients’ yachts and private jets, in an attempt to stop information leaking about a unit of the bank that has made loans to oligarchs who were later sanctioned.”
“Investors this week received letters from the Swiss bank requesting that they destroy the documents relating to a securitisation of loans backed by “jets, yachts, real estate and/or financial assets”, according to the report citing three people whose firm received the request. The letters tell the investors to “destroy and permanently erase” any confidential information Credit Suisse previously provided in relation to the transaction, citing a “recent data leak to the media” that it said had been “verified by our investigators”.“
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$7.97 | $7.83 | $0.14 | 1.79% |
This is a federal securities class action on behalf of a class consisting of all persons and entities other than defendants that purchased or otherwise acquired Credit Suisse securities between March 19, 2021 and March 25, 2022, both dates inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors 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.
The lead plaintiff deadline has passed, we will update this page as the lawsuit progresses.
Last event retrieved on 10/07/2022.
Whether directors and officers of LegalZoom.com, Inc. (LZ) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Payoneer Global Inc. (PAYO) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Kewaunee Scientific Corporation (KEQU) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Builders FirstSource, Inc. (BLDR) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Inari Medical, Inc. (NARI) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Amicus Therapeutics, Inc. (FOLD) breached their fiduciary duties to the company and its shareholders.