The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York 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 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.
If you purchased ZIV securities you have until April 5, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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