Levi & Korsinsky announces that a class action lawsuit has been commenced on behalf of investors who purchased VelocityShares Daily 2x VIX Short Term Exchange Traded Notes linked to the S&P 500 VIX Short-Term Future Index (“TVIX”) (NYSE Arca: TVIX) between November 30, 2010 and March 22, 2012 (the “Class Period”).
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LEAD PLAINTIFF FILING DEADLINE: July 24, 2012
The complaint alleges, among other things, that Credit Suisse AG understated the risks associated with exchange traded notes such as TVIX, and that its offering documents failed to fully inform investors of the losses that could occur if Credit Suisse reached the limit of such notes it could offer and stopped issuing them.
On February 21, 2012, the price of TVIX increased in price and became scarcer after Credit Suisse announced it had “temporarily suspended further issuances of the [VIX ETNs] due to internal limits on the size of VIX ETNs.” When this suspension was rescinded on March of 2012, the price of TVIX fell again. Then on March 29, 2012, it was disclosed that the FINRA was investigating the trading in TVIX and other exchange traded notes, and that the Massachusetts securities regulator was looking into the VIX ETNs’ February and March 2012 transactions.
If you suffered a loss in TVIX you have until
July 24, 2012
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. To obtain additional information, contact Joseph E. Levi, Esq. either via email at
or by telephone at (877) 363-5972, or visit
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