Nassiri & Jung LLP Announces Lawsuit Against Credit Suisse

SAN FRANCISCO--(BUSINESS WIRE)--

Nassiri & Jung LLP (www.njfirm.com) announced today that a class action has been commenced in the United States District Court for the Northern District of California on behalf of persons or entities who purchased or otherwise acquired Energy Conversion Devices, Inc. (“Energy Conversion Devices”) ENER common stock on or after June 18, 2008 (the “Class Period”).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges defendants Credit Suisse International and Credit Suisse Securities (USA) LLC (together, “Credit Suisse”) with violations of Section 9 and Section 10(b) of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, defendants, through two prospectus supplements filed with the SEC, issued materially false and misleading statements concerning a public offering of 4,714,975 shares of Energy Conversion Devices common stock on June 18, 2008. The common stock prospectus supplement, along with a “3.00% Convertible Senior Notes due 2013” prospectus supplement, disclosed that some investors might take advantage of a share lending agreement to short Energy Conversion Devices common stock as a “hedge” against their investment in convertible notes.

According to the complaint, defendants' statements were false and misleading because defendants knew or deliberately disregarded and failed to disclose that the convertible notes were in fact designed to facilitate market manipulation and a net short position by some investors participating in the notes offering. Plaintiff alleges that as a result of these misrepresentations and/or omissions, Energy Conversion Devices common stock traded at artificially-inflated prices during the Class Period. Plaintiff alleges that the manipulative short selling caused the stock price to drop from $72 per share in June 2008 to less than $1 per share in February 2012, when Energy Conversion Devices was finally forced into bankruptcy.

The suit is entitled Leevan v. Credit Suisse International et al., Case No. 13-cv-2783-SBA, filed June 17, 2013. A copy of the complaint can be obtained from the Court clerk, or online through PACER.