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Citigroup Inc Auction Rate Securities (ARS) Investor Securities Class Action Lawsuit 03/26/2008

  • If you purchased Citigroup Inc (NYSE: C) Auction Rate Securities, you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Citigroup
Security
NYSE: C

Case Name
Citigroup Shareholder Class Action Lawsuit 03/26/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
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Summary

April 20, 2012 - The Court of Appeals agreed with court's decision and the case was dismissed.

March 30, 2011 - A notice of appeal was filed.

March 1, 2011 - The court granted the defendants' motion to dismiss.

October 13, 2010 - Motions for dismissal of the complaints were filed.

September 29, 2010 - A fourth amended consolidated complaint was filed.

June 17, 2010 - A third amended consolidated complaint was filed.

December 3, 2009 - A motion to dismiss the second amended consolidated complaint was filed.

October 15, 2009 - A second amended consolidated complaint was filed.

September 11, 2009 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

October 24, 2008 - A motion to dismiss the amended consolidated complaint was filed.

August 26, 2008 - An amended consolidated complaint was filed.

March 26, 2008 - An investor in Citigroup Inc (NYSE: C) Auction Rate Securities filed a lawsuit in the U.S. District Court for the Southern District of New York against Citigroup Inc and Citigroup Global Markets Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 26, 2003 and February 13, 2008.

The complaint alleges that Citigroup Inc violated the securities laws by deceiving investors about the investment characteristics of Auction Rate Securities and the auction market in which these securities traded. Auction Rate Securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set at periodic auctions. Auction Rate Securities generally have long-term maturities or no maturity dates.

The complaint further alleges that, pursuant to uniform sales materials and/or top-down management directives, Citigroup Inc offered and sold Auction Rate Securities to the public as highly liquid cash-management vehicles and as suitable alternatives to money market mutual funds.

According to the complaint, those who now hold Auction Rate Securities sold by Citigroup Inc cannot liquidate their positions since the auction market for these securities has collapsed.