BALA CYNWYD, Pa., Oct. 1, 2002 (PRIMEZONE) -- A pending class action charges Salomon Smith Barney, Inc., analyst Jack Grubman, Salomon's parent company Citigroup, Inc. and Citigroup CEO Sanford Weill with misleading purchasers of AT&T Corp. common stock according to the law firm of Schiffrin & Barroway, LLP.
The complaint was filed in the U.S. District Court for the Southern District of New York (02-CV-6943). Plaintiff seeks damages for violations of the federal securities laws on behalf of all investors who purchased AT&T Corp. securities between November 29, 1999 and August 22, 2002 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of AT&T Corp. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint charges defendants with recommending the purchase of AT&T common stock or of the AT&T Wireless tracking stock without regard to the factual basis and without disclosing its conflicts of interest. When issuing the analyst report, the Defendants Salomon and Grubman failed to disclose significant, material conflicts of interest, including the following: that, in an explicit or implicit quid pro quo, Salomon was granted a lucrative role in the April 2000 issuance of an AT&T Wireless tracking stock, after Grubman, at AT&T's request, passed to Grubman by Weill, raised his recommendation of AT&T in November 1999 from "neutral" to "buy."
If you purchased AT&T Corp. common stock or the AT&T Wireless tracking stock securities between November 29, 1999 and August 22, 2002, you may be a member of the class and have until October 22, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca