On Friday, March 13, 2009, an investor in Citigroup Inc. 8.125% Non-Cumulative Preferred Stock, Series AA filed a proposed securities class action lawsuit in the United States District Court for the Southern District of New York on behalf of all persons who acquired Citigroup Inc. 8.125% Non-Cumulative Preferred Stock, Series AA (NYSE:C-PP), pursuant and/or traceable to a false and misleading registration statement and prospectus issued in connection with its January 2008 offering of the Citigroup Inc. 8.125% Non-Cumulative Preferred Stock, Series AA against Citigroup, certain of its officers and directors over alleged violations of Federal Securities Laws. According to the complaint the plaintiff alleges Citigroup Inc., certain of its officers and directors, the underwriters of the Offering and Citigroup's auditor violated the Securities Act of 1933. The plaintiff accuses that on January 18, 2008, the defendants consummated Citigroup's Offering pursuant to the false and misleading Registration Statement and Prospectus, selling 130 million depositary shares of Preferred Stock at $25 per share for proceeds of $3.25 billion. Citigroup ultimately announced huge charges associated with its mortgage and credit-related asset portfolio, causing the price of Citigroup's common stock and the Preferred Stock issued in the Offering to decline.