Citigroup Current and Former Employees May Want to Act Soon To Protect Their FA CAP Stock and Options
Citigroup current and former financial advisors or other participants in its FA CAP stock and option plans who are located in any state other than California or Minnesota, may wish to contact us. You may need to take action to protect your rights under local state laws. This includes current Citigroup financial advisors who participated in the FA CAP Stock and option plans, as well as former employees who left the firm and forfeited their FA CAP stock and options.
On July 24, 2009, this law firm was appointed co-lead counsel for the Class of current and former Citigroup employees globally, and for those locally in California and Minnesota, who forfeited their FA CAP stock and options or lost all value in them when Citigroup stock collapsed in late 2008. As you know, Citigroup permitted you to defer portions of your annual compensation into common stock or options under the FA Capital Accumulation Program (”FA CAP”). You gave up the right to be paid your hard-earned income in cash in exchange for Citigroup stock, believing in the company’s future.
The class action lawsuit alleges that Citigroup’s offering documents relating to the FA CAP stock and options incorporated the firm’s financial results and future filings which contained untrue statements of material facts and omissions that: (i) Citigroup’s assets, loans and mortgage-related securities were impaired to a much larger extent than disclosed; (ii) Citigroup failed to properly record losses for impaired assets; (iii) Citigroup’s internal controls were inadequate to prevent the firm from properly reporting the value of its assets; (iv) Citigroup was not as well capitalized as representated and would have to raise additional billions by selling equity to the U.S. government in order to prevent its collapse; and (v) Citigroup caused its structured investment vehicles to imprudently issue billions of dollars worth of commercial paper and short term notes based upon false and misleading statements.
In addition, if you are a former employee who left Citigroup and forfeited all FA CAP stock and options outside of California and Minnesota, this forfeiture may be unlawful under local state labor laws which protect against the forfeiture of earned wages.
You may wish to contact us soon to protect your rights as there are time deadlines for filing legal claims for employees outside of California and Minnesota.
ZAMANSKY & ASSOCIATES, LLC
Attorneys at Law
50 Broadway - 32nd Floor
New York, New York 10004
Telephone (212) 742-1414
Facsimile (212) 742-1177