Cases

Citigroup Inc. Securities Fraud Class Action

Gardy & Notis, LLP has filed a securities fraud class action lawsuit on behalf of purchasers of Citigroup Inc. (NYSE: C) securities during a class period of January 1, 2004 to November 5, 2007.

The complaint charges that Citigroup misled shareholders by falsely reporting financial statements that failed to consolidate the results and liabilities of certain highly-leveraged special investment vehicles, as required by Generally Accepted Accounting Principles or "GAAP." The mortgage-backed securities owned by these special investment vehicles (sold to them by Citigroup) have tumbled in value, forcing Citigroup to bail out the special investment vehicles, to the tune of billions of dollars in additional liability.

The case is Hammerschlag v. Citigroup Inc., in the United States District Court for the Sourthern District of New York.

For more information regarding the lawsuit or to obtain a copy of the complaint or any Court filings, please contact us.