|Company name||VelocityShares Daily Inverse VIX|
|Class period||June 30, 2017 – February 2, 2018|
|Court||New York Southern District Court|
NEW YORK, February 18, 2019 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Courts for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired VelocityShares Daily Inverse VIX Medium Term Exchange Traded Notes (NASDAQ: ZIV) securities between June 30, 2017 and February 2, 2018 (the “Class Period”). Investors have until April 5, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that, during the Class Period, defendants made materially false or misleading statements relating to the risks of investing in ZIV including that: (i) the inverse ETNs was not appropriate for managing daily trading risks; (ii) Credit Suisse had designed the ZIV to fail under certain market conditions; (iii) 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 (iv) 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.
If you purchased VelocityShares securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.