PHILADELPHIA, Aug. 14, 2002 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was filed on August 7, 2002 in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired the common stock of Citigroup, Inc. (NYSE:C) ("Citigroup" or the "Company") between July 24, 1999 and July 23, 2002, inclusive (the "Class Period").
The action, numbered 02-CV-6286, is pending in the United States District Court, Southern District of New York, 500 Pearl Street, New York, New York. A copy of the Complaint is available from the Court or the Law Offices Bernard M. Gross, P.C. Please visit our website at http://www.bernardmgross.com or contact us by phone at 866-561-3600 (toll free) or by E-mail: at susang@bernardmgross.com.
The complaint charges Citigroup, Inc., Sanford I. Weill and Todd Thomson with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5, by issuing a series of materially false and misleading statements to the market during the Class Period. As alleged in the Complaint, defendants made misrepresentations and/or omissions regarding the following: failing to disclose that Citigroup misrepresented a 1999 transaction with Enron that was structured as a commodity trade but served the same purpose as a loan to help Enron keep $125 million in debt off of its books; affirmatively misrepresenting Citigroup's potential Enron-related exposure in its 2001 Annual Report and elsewhere; and failing to disclose the true extent of Citigroup's potential legal liability arising out of its "structured finance" dealings with Enron. When Wall Street learned about the foregoing on July 23, 2002 after executives testified before the U.S. Senate regarding the transactions at issue, Citigroup stock plummeted $5.04 or 15.73% to close at $27.00.
Law Offices Bernard M. Gross, P.C. has significant experience and expertise in prosecuting class actions and has recently filed cases in regard to the following securities:
COMPANY SYMBOL PURCHASED DURING LEAD PLAINTIFF
CLASS PERIOD FILING DEADLINE
Capital One COF-NYSE 1/15/00-7/16/02 9/17/02
Financial
Corporation
Citigroup, Inc. C-NYSE 7/24/99-7/23/02 9/23/02
Cross Media XMM-NYSE 11/5/01-7/11/02 9/16/02
Marketing
Corporation
Eclipsys ECLP-NASDAQ 7/23/01-6/27/02 9/27/02
Corporation
Flextronics FLEX-NASDAQ 10/20/01-6/4/02 8/19/02
Int'l Ltd.
Insight NSIT-NASDAQ 4/26/02-7/17/02 9/27/02
Enterprises, Inc.
Merck & Co. MRK-NYSE 7/1/99-6/21/02 8/30/02
Touch America TAA-NYSE 1/30/01-11/14/02 8/26/02
f/k/a Montana
Power Company
PerkinElmer, Inc. PKI-NYSE 7/15/01-4/11/02 9/6/02
Plaintiff seeks to recover damages on behalf of Class members and, is represented by the law firm of Law Offices Bernard M. Gross, P.C. which has significant experience and expertise in prosecuting class actions.
If you bought the common stock of Citigroup, Inc. between July 24, 1999 and July 23, 2002, you may, no later than September 23, 2002, move the Court to serve as lead plaintiff of the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters, please contact:
Law Offices Bernard M. Gross, P.C. Deborah R. Gross, Esquire Susan Gross, Esquire 1515 Locust Street, Second Floor Philadelphia, PA 19102
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca