LOS ANGELES, Aug. 14, 2002 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all persons who purchased securities of Citigroup, Inc. ("Citigroup" or the "Company") (NYSE:C) between July 24, 1999 and July 23, 2002, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone at (310) 201-9161 or Toll Free at (888) 773-9224 or by email at info@glancylaw.com.
The Complaint charges Citigroup and certain of its officers and directors with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements regarding the nature of Citigroup's business and financial condition caused Citigroup's stock price to become artificially inflated, inflicting damages on investors. The Complaint alleges that defendants (i) failed 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; (ii) affirmatively misrepresented Citigroup's potential Enron-related exposure in its 2001 Annual Report and elsewhere; and (iii) failed to disclose the true extent of Citigroup's potential legal liability arising out of its "structured finance" dealings with Enron. The complaint alleges that when Wall Street learned about the foregoing on July 23, 2002, after executives of Citigroup and J.P. Morgan Chase testified before the U.S. Senate regarding the transactions at issue, Citigroup stock plummeted $5.04 or 15.73% to close at $27.00, less than half its Class Period high.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than September 23, 2002, 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 your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.