NEW YORK, Sept. 5, 2002 (PRIMEZONE) -- Kaplan Fox (kaplanfox.com) has filed a class action suit against Citigroup, Inc. ("Citigroup") and its Chairman and CEO, Sanford I. Weill, (NYSE:C), in the United States District Court for the Southern District of New York. This suit is brought on behalf of all persons or entities who purchased or otherwise acquired Citigroup common stock between July 24, 1999 and July 22, 2002, inclusive (the "Class Period").
The complaint alleges that Citigroup and Sanford I. Weill violated the federal securities laws. Specifically, the complaint alleges, that during the Class Period defendants failed to disclose material facts concerning Citigroup's relationship with Enron Corp. ("Enron"). Citigroup never disclosed that it was structuring financing deals for Enron so that Enron could falsify its financial statements and defraud its investors. After Enron's collapse, Citigroup continued to misrepresent its potential Enron-related exposure by failing to disclose the true extent of its potential legal liability arising out of its finance transactions with Enron.
As a result of defendants' failure to disclose the true nature of Citigroup's relationship with Enron, Citigroup's stock price was artificially inflated during the Class Period trading as high as $57. Upon news that the Senate Committee found evidence that Citigroup was involved in Enron's collapse, the stock fell to $27 on trading of 121 million shares.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Chicago and New Jersey, has many years of experience prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com
If you are a member of the Class, you may move the court no later than September 23, 2002 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com or contact:
Frederic S. Fox, Esq. Hae Sung Nam, Esq. Kaplan Fox & Kilsheimer LLP 805 Third Avenue, 22nd Floor New York, NY 10022 (800) 290-1952 (212) 687-1980 Fax: (212) 687-7714 E-mail address: mail@kaplanfox.com Laurence D. King, Esq. Kaplan Fox & Kilsheimer LLP 601 Montgomery Street San Francisco, CA 94111 (415) 772-4700 Fax: (415) 772-4707 E-mail address: mail@kaplanfox.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca