NEW YORK, March 20, 2018 /PRNewswire/ -- Kaplan Fox
& Kilsheimer LLP (www.kaplanfox.com) is investigating claims on
behalf of investors of Credit Suisse VelocityShares Daily Inverse
VIX Short Term ETNs (NASDAQ: XIV).
A class action complaint has been filed in the United States District Court for the
Southern District of New York on
behalf of investors who purchased Credit Suisse VelocityShares
Inverse VIX Short Term Notes between January
29, 2018 and February 5, 2018,
inclusive (the "Class") alleging violations of the Securities
Exchange Act of 1934 and the Securities Act of 1933.
According to the complaint, on February
5, 2018 between 4:10 p.m. and 5:09
p.m., the Intraday Indicative Value, as calculated and
disseminated by Credit Suisse's agent, was incorrectly represented
to be between $24.7 to $28.6 per Note. The complaint alleges that
the if the Intraday Indicative Value between
4:10 p.m. and 5:09 p.m. had been calculated as Credit Suisse
represented in the Registration Statement the value was between
$4.22 and $4.4 per Note, materially less than the inflated
amount of $24.7 to $28.6 per Note. Further, the complaint
alleges that beginning at 5:10 p.m.,
the Intraday Indicative Value for the Notes began to update,
showing a value of $4.22 per
Note.
The action alleges that the offering documents for the Notes
were materially false and misleading because they failed to
disclose (1) the Intraday Indicative Value of the Notes was not
updated every 15 seconds based on the relevant index real time
calculation of relevant index (SPVXSPID) applying the real time
prices of the relevant VIX futures contracts, (2) the Intraday
Indicative Value was not an accurate gauge of the economic value of
the Notes, and (3) the Intraday Indicative Value did not reflect
the proper calculation of that metric pursuant to the Registration
Statement.
If you are a member of the proposed Class, you may move the
court no later than May 14, 2018 to
serve as a lead plaintiff for the purported class. You need
not seek to become a lead plaintiff in order to share in any
possible recovery. If you would like to discuss the complaint
or our investigation, please contact us by emailing
pmayer@kaplanfox.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP,
with offices in New York,
San Francisco, Los Angeles, Chicago and New
Jersey, has many years of experience in prosecuting investor
class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit
our website at www.kaplanfox.com. If you have any questions
about this Notice, the action, your rights, or your interests,
please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California
94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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SOURCE Kaplan Fox &
Kilsheimer LLP