WASHINGTON, Jan. 26, 2006 (PRIMEZONE) -- The Law Firm of Klayman & Toskes, P.A. ("K&T")(http://www.nasd-law.com), representing numerous Smith Barney customers, including former WorldCom shareholders, in securities arbitration lawsuits, continues to pursue claims on their behalf against Smith Barney, now known as Citigroup Global Markets, Inc. (NYSE C).
K&T has filed numerous claims on behalf of Smith Barney customers with concentrated stock holdings. One pending claim, NYSE Case No.: 2003-014800, filed against Smith Barney's Washington, D.C. K Street Branch Office, focuses on Smith Barney's failure to supervise the customer's accounts, and its unsuitable investment recommendations, resulting in substantial losses in the customer's concentrated, margined portfolio.
K&T obtained a favorable award against Smith Barney for a WorldCom investor who held accounts at this same Smith Barney Branch Office. (NASD Case No.: 02-04555). The amount awarded represented 47% of the Claimant's out-of-pocket losses. However, the amount awarded against Smith Barney represented 100% of the investor's damages had Smith Barney implemented available risk management strategies. In this arbitration, K&T successfully demonstrated that this investor received unsuitable investment advice, and that Smith Barney's Washington, D.C. K Street Branch Office failed to supervise the activity in the customer's accounts. Accordingly, K&T firmly believes that it can and will continue to aid similarly situated investors with accounts at Smith Barney's Washington, D.C. K Street Branch Office.
The sole purpose of this release is to investigate, on behalf of our clients, sales practice violations of licensed brokers at the Smith Barney Washington, D.C. K Street Branch Office. Presently, K&T continues to represent numerous investors against Wall Street brokerage firms before the New York Stock Exchange and the National Association of Securities Dealers for securities violations, including the misuse of margin, the mismanagement of concentrated portfolios, the misuse of stock option plans, failure to supervise, unsuitability, misrepresentation and material omission of fact.
K&T represents investors throughout the nation. If you wish to discuss this announcement or have information relevant to our securities arbitration claims, please contact Lawrence L. Klayman, Esquire of Klayman & Toskes, P.A., at 888-997-9956 or visit us on the web at http://www.nasd-law.com.