The Klein Law Firm announces that a class action complaint has been filed on behalf of investors who purchased VelocityShares Daily Inverse VIX Medium Term Exchange Traded Notes (“ZIV”) (NASDAQGM: ZIV) between June 30, 2017 and February 5, 2018. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
The complaint alleges that throughout the class period defendants made materially false or misleading statements relating to the risks of investing in ZIV including that: (i) the inverse ETNs was not appropriate for managing daily trading risks; (ii) Credit Suisse had designed the ZIV to fail under certain market conditions; (iii) Credit Suisse had offered and sold more inverse ETNs than the market could bear, which would enable Credit Suisse to cause the collapse of the inverse ETNs when the opportunity presented itself; and (iv) Credit Suisse could actively manipulate inverse ETNs by precipitating an acute liquidity event in volatility markets including markets for VIX futures.
Investors have until April 5, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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