(Source: MARKET WIRE)
The Securities Law Firm of Tramont Guerra & Nunez, PA (TGN) makes an announcement to all investors in the Citigroup Non-Cumulative 8.125% Preferred, Series AA issued by Citigroup, Inc. (NYSE: C) who are prospective class members of class action lawsuit (Case No. 09 CV 2355) filed on March 13, 2009 in the U.S. District Court for the Southern District of New York. Citigroup, Inc. and the major Wall Street firms who were named in the class action lawsuit included; Citigroup Global Markets, Inc. (NYSE: C), Morgan Stanley & Co, Inc. (NYSE: MS), UBS Securities, LLC (NYSE: UBS), Banc of America Securities, LLC. (NYSE: BAC) and Goldman Sachs & Co. (NYSE: GS). The class action lawsuit alleges that Citigroup, Inc. and the major Wall Street firms who were underwriters of the Preferred stock offering solicited investors through Registration Statement and Prospectus which contained "false and misleading" statements. Furthermore, the lawsuit alleges that the prospectus failed to disclose "The Company's capital base was not adequate enough to withstand the significant deterioration in the subprime and credit markets and, as a result, Citigroup would be forced to seek government funding in order to raise significant amounts of capital." Prospective class members should determine which legal process is more suitable for them to recover investment losses, a class action lawsuit or a securities arbitration claim filed with the Financial Industry Regulatory Authority, (FINRA).
Many investors were advised by their financial advisors that Citigroup Non-Cumulative 8.125% Preferred, Series AA was suitable for a current income investment objective. Recommendations of unsuitable investments and/or concentrated investments in the financial sector are both causes of action in a securities arbitration claim filed with FINRA. In some cases, shareholders must "opt-out" as a class member in order to pursue a securities arbitration claim, otherwise this legal option is not available.
The Securities Law Firm of Tramont Guerra & Nunez, PA, is a nationally recognized, Martindale Hubbell "AV" rated securities law firm. To request a confidential consultation from a TGN attorney for investment losses that exceed $100,000 from a full service brokerage account, contact us on our website. To speak directly with an attorney, call (800) 578-0137 and ask for David Chacin, Esquire.
Destination URL: http://www.stockmarketlosslawyer.com/press-releases/class-action-lawsuits-citigroup.htm
Contact: David Chacin, Esquire 2100 Ponce De Leon Blvd, Penthouse II Coral Gables, Florida 33431 (800) 578-0137 Email Contact
SOURCE: Tramont, Guerra & Nunez, P.A.
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