Securities Fraud Lawyer - Credit Suisse First Boston: Razorfish
Shapiro Haber & Urmy LLP was lead counsel in a class action suit brought against Credit Suisse First Boston that was settled for $3 million. The complaint alleged that the defendants violated section 10(b) of the Securities Exchange Act of 1934 ("the Exchange Act"), and Rule 10b-5 promulgated thereunder, and Section 20(a) of the Exchange Act, by issuing a series of favorable research reports on Razorfish that were materially false or misleading in that they did not disclose conflicts of interest of Credit Suisse. In particular, they did not disclose the practice of Credit Suisse to gain lucrative investment banking business in part by providing coverage and issuing favorable research reports on prospective investment banking customers. According to news reports, an investigation conducted by the Secretary of State of the Commonwealth of Massachusetts uncovered "very troubling" internal Credit Suisse materials that "suggest . . . a pattern of breach of fiduciary duty" and which appear to have "treated investors like suckers". According to another news report, the Secretary of State has suggested that criminal charges be filed against Credit Suisse over its fraudulent stock research coverage.