Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of VelocityShares Daily Inverse VIX Medium Term Exchange Traded Notes (ZIV) (NASDAQ: ZIV) from June 30, 2017 through February 5, 2018, inclusive (the Class Period). The lawsuit seeks to recover damages for ZIV investors under the federal securities laws.
To join the ZIV class action, go to https://www.rosenlegal.com/cases-1502.html or call Phillip Kim, Esq. or Zachary Halper, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTORS ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the inverse exchange traded notes (ETNs) were not appropriate for managing daily trading risks; (2) Credit Suisse had designed the ZIV to fail under certain market conditions; (3) 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 (4) Credit Suisse could actively manipulate inverse ETNs by precipitating an acute liquidity event in volatility markets, including markets for VIX futures. The price of ZIV dropped from $85.41 to $68.50 on abnormally high trading volume between February 2, 2018 and February 6, 2018 when these previously undisclosed adverse facts became known.
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A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 5, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to https://www.rosenlegal.com/cases-1502.htm or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Zachary Halper, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.
Laurence Rosen, Esq.
Phillip Kim, Esq.
Zachary Halper, Esq.
Rosen Law Firm, P.A.
275 Madison Avenue, 34th Floor
York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653