[z] TVIX Lawsuit# Stock
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BOSTON, MA -- (Marketwire) -- 07/11/12 -- 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.
http://www.nasdaq.com/article/tvix-filing-deadline-update-only-
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.
http://www.nasdaq.com/article/tvix-filing-deadline-update-only-