Moulton & Arney, LLP is now accepting clients with potential claims stemming from investment losses in Credit Suisse’s VelocityShares Daily 2x VIX Short-Term ETN (“TVIX”). TVIX is designed to track the Chicago Board Options Exchange Volatility Index (“VIX”) futures and to return twice the daily performance of the S&P 500 VIX Short-Term Futures Index.
Last month, Credit Suisse suspended the creation of new units of TVIX. The continued demand for TVIX combined with a limited supply caused the ETN to be traded at a premium above its indicative value. This trend continued until March 22, 2012, when for no apparent reason TVIX suddenly dropped 29%. Fundamental market conditions in VIX futures did not explain this substantial drop.
At approximately 7:30 p.m. (after trading had closed), Credit Suisse issued a Press Release disclosing that it would resume issuing the TVIX ETNs. Credit Suisse’s decision would be expected to reduce or even eliminate entirely the product’s market premium, by increasing the supply. The timing of Credit Suisse’s press release — mere hours after the 29% crash — has led commentators to speculate whether Thursday’s TVIX collapse was caused by the leak of Credit Suisse’s decision to some market participants who then sold their positions ahead of the public news.
Moulton & Arney, LLP has been retained by a client who suffered a six-figure loss in TVIX on March 22 to investigate and pursue potential claims against Credit Suisse to recover his loss. The firm is offering free consultations for other TVIX investors who also suffered losses on the same day. The experienced securities fraud lawyers at Moulton & Arney, LLP, will aggressively investigate potential claims against Credit Suisse and vigorously protect investors’ rights regarding their TVIX losses.
Ms. Moulton’s client, Jeff Meyer, said: “Having known Cindy Moulton for close to 15 years, I have complete confidence that she will leave no stone unturned to reveal the facts and bring wrongdoers to justice. In a world where large financial institutions do not always play fair, it is good to know there is someone like Cindy on your side. I am proud to be her client.”
About Moulton & Arney, LLP
Moulton & Arney, LLP is a Houston, Texas, based boutique litigation and arbitration firm representing investors nationwide in claims to recover investment losses. The investment fraud attorneys at Moulton & Arney, LLP have extensive experience representing individual investors in securities litigation and arbitration. Moulton & Arney have successfully represented thousands of individual investors in securities fraud lawsuits and arbitrations, with combined claims of hundreds of millions of dollars.
Attorney Cynthia R. Levin Moulton, the firm’s founder, has a proven track record in investment claims involving complex investment vehicles. She has been named a Texas Super Lawyer, is rated 5 out of 5 by Martindale.com, and is rated a 10.0 by AVVO.com. To find out more about potential claims against Credit Suisse related to the TVIX ETN product please contact: