Investor Alert: Recovery Options for Investors Who Lost Money in Credit Suisse’s XIV Exchange Traded Note (ETN): Part 4
In Part 3, we detailed how, on February 5th, Credit Suisse provided investors with non-updated, incorrect prices of XIV at $24 per share, whereas Credit Suisse knew the true economic value was $4 per share, according to experts. During the period after 4:15 pm, investors bought 28.8 million shares at an average price of $28.60 – far greater than their true economic value of $4 per share. Unsuspecting buyers lost $700 million (until they can recover it through litigation).
In this our final part, Part 4, we note that the day afterward, Credit Suisse announced that it would redeem all outstanding shares. Of course, it did not / will not do so on the $24 price that it represented on February 5th, but instead on what is termed the “Closing Indicative Value” on February 15, 2018.
As a result, investors have been decimated. Our firm has received several inquiries asking what can be done. We continue to investigate, and
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