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Attorney Advertising. The law firm of Wolf Haldenstein Adler Freeman & Herz LLP is investigating possible wrongdoing by Credit Suisse and others concerning trading in, and disclosure related to, VelocityShares 2x Long VIX Short Term ETN (Ticker Symbol: TVIX) during the period of February 21, 2012 – March 26, 2012.
On February 21, 2012, Credit Suisse announced that it had temporarily suspended further issuances of the VelocityShares 2x Long VIX Short Term ETNs due to internal limits on the size of the ETNs. As a result of the suspension, shares of TVIX subsequently traded at prices uncorrelated to the VIX index – the index that the ETN was supposed to track through the use of VIX futures. This “disconnect” lasted for approximately one month.
On March 22, 2012, shares of TVIX declined in price by over 29% as short-selling increased dramatically and suddenly. That evening, Credit Suisse announced that it would reopen issuance of TVIX shares on a limited basis. On March 23, 2012, shares of TVIX declined further by almost 30%.
Wolf Haldenstein has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in U.S. federal and state courts. Please visit the Wolf Haldenstein website (
http://www.whafh.com) for more information about the firm.
If you are an institutional investor who owned VelocityShares 2x Long VIX Short Term ETNs (TVIX) on March 22 & 23, 2012 and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Gregory Nespole or Alan WeissWolf Haldenstein Adler Freeman & Herz LLP270 Madison AvenueNew York, New York 10016Phone Numbers:(800) 575-0735(212) 545-4600
http://www.whafh.comAttorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.