(Source: MARKET WIRE)
The Securities Law Firm of Tramont Guerra & Nunez, PA (TGN) makes an announcement to all investors in the Citigroup Non-Cumulative 8.50% Preferred, Series F issued by Citigroup, Inc. (NYSE: C) who are prospective class members of a class action lawsuit (Case No. 09 CV 2402) filed on March 16, 2009 in the U.S. District Court for the Southern District of New York against Citigroup, officers and/or directors, its auditors and Wall Street investment banks which underwrote the May 2008 preferred stock offering. The investment banks who were named in the class action lawsuit include: Citigroup Global Markets, Inc. (NYSE: C), Morgan Stanley & Co, Inc. (NYSE: MS), UBS Securities, LLC (NYSE: UBS) and Banc of America Securities, LLC. (NYSE: BAC). The class action lawsuit alleges that a "false and misleading registration statement and prospectus," omitted facts concerning the extent to which Citigroup had been financially impaired from business operations. Subsequent multi-billion dollar write downs resulted in the stock trading down to below $5 per share. Prospective class members need to determine which legal process is more suitable for them to recover investment losses, a class action lawsuit or an individual securities arbitration claim filed with the Financial Industry Regulatory Authority (FINRA).
Many investors were advised by their financial advisors that Citigroup Non-Cumulative 8.50% Preferred, Series F was suitable for a current income investment objective. Brokerage firms are obligated to give and investors are entitled to rely upon suitable investment advice in accordance with the FINRA regulations. 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-citigroupf.htm
Contact: David Chacin, Esquire 2100 Ponce De Leon Blvd, Penthouse II Coral Gables, Florida 33431 (800) 578-0137 Email Contact
SOURCE: Tramont, Guerra and Nunez, P. A.
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