VelocityShares Daily Inverse VIX MT ETN (NASDAQ: ZIV) Investor Securities Class Action Lawsuit 02/04/2019

If you purchased shares of VelocityShares Daily Inverse VIX MT ETN (NASDAQ: ZIV), you have certain options and for certain investors are short and strict deadlines running. Deadline: April 5, 2019. NASDAQ: ZIV investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
VelocityShares Daily Inverse VIX MT ETN
Case Name: 
VelocityShares Daily Inverse VIX MT ETN Shareholder Class Action Lawsuit 02/04/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: ZIV
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/04/2019
Class Period Begin: 
06/30/2017
Class Period End: 
02/05/2018
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
04/05/2019
Summary: 

An investor in shares of VelocityShares Daily Inverse VIX MT ETN (NASDAQ: ZIV) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Credit Suisse Group AG and others in connection with certain allegedly false and misleading statements made between June 30, 2017 and February 5, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of VelocityShares Daily Inverse VIX Medium Term Exchange Traded Notes (NASDAQ: ZIV) common shares between June 30, 2017 and February 5, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between June 30, 2017 and February 5, 2018, defendants made materially false or misleading statements relating to the risks of investing in VelocityShares Daily Inverse VIX Medium Term Exchange Traded Notes (NASDAQ: ZIV) including that, the inverse ETNs was not appropriate for managing daily trading risks, that Credit Suisse had designed the ZIV to fail under certain market conditions, that 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 that Credit Suisse could actively manipulate inverse ETNs by precipitating an acute liquidity event in volatility markets including markets for VIX futures.

The price of VelocityShares Daily Inverse VIX Medium Term Exchange Traded Notes (NASDAQ: ZIV) dropped from $85.41 to $68.50 on abnormally high trading volume between February 2, 2018 and February 6, 2018.