NEW YORK, April 24, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, case number 03-CV-2837, on behalf of all persons or entities who purchased CIT Group Inc. ("CIT" or the "Company") common stock (NYSE:CIT) in or traceable to the initial public offering (the "IPO" or "Offering") made pursuant to the Registration Statement, of which the Prospectus was a part, which was declared effective on or about July 1, 2002.
The Complaint names CIT, Albert R. Gamper, Jr., Joseph M. Leone, John F. Fort, III, Mark H. Swartz, J. Brad McGee, Goldman, Sachs & Co., Lehman Brothers Inc., and Salomon Smith Barney Inc. as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendants violated the Securities Act of 1933. In particular, it is alleged that the Prospectus contained materially false and misleading statements concerning the adequacy of the Company's loan loss reserves. On July 23, 2003, only three weeks after the IPO, CIT announced that had to take a $200 million charge to strengthen its telecommunications loan reserves.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. If you purchased CIT common stock in or traceable to the IPO, you may, no later than June 9, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Sharon Lee of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca