Citigroup Inc (NYSE: C) Investor Securities Class Action Lawsuit 11/08/2007

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Company Name(s): 
Citigroup
Case Name: 
Citigroup Shareholder Class Action Lawsuit 11/08/2007
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: C
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/08/2007
Class Period Begin: 
02/26/2007
Class Period End: 
04/18/2008
Court of Filing: 
U. S. District Court for the Southern District of New York
Deadline To File for Lead: 
01/07/2008
Date Settled: 
08/01/2013
Settlement Amount: 
$590,000,000
Deadline to Participate in Settlement: 
02/07/2013
Settlement Notice: 
Settlement Proof: 
Summary: 

December 29, 2014 - The court ordered the authorization of the distribution of the net settlement fund.

August 1, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

July 24, 2013 - Parties filed a second amendment to the stipulation of settlement.

January 7, 2013 - Parties filed an amendment to the stipulation of settlement.

August 29, 2012 - Parties filed a stipulation of settlement and the court preliminarily approved the settlement.

November 9, 2010 - The court denied in part and granted in part the defendants' motion to dismiss.

March 13, 2009 - The defendants filed a motion to dismiss.

February 20, 2009 - Interim lead plaintiff filed another amended consolidated complaint on behalf of investors who purchased Citigroup Inc (NYSE: C) common shares between January 1, 2004 and January 15, 2009. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 1, 2004 and January 15, 2009.

December 1, 2008 - Interim lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Citigroup Inc (NYSE: C) common shares between January 1, 2004 and February 22, 2008. The plaintiff allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 1, 2004 and February 22, 2008.

August 19, 2008 -Interim lead plaintiff and interim lead counsel were appointed and all cases were consolidated.

January 7, 2008 - Lead plaintiff motions were filed.

November 8, 2007 - An investor in shares of Citigroup Inc (NYSE: C) filed a lawsuit in the U.S. District Court for the Southern District of New York against Citigroup Inc over alleged violations of Federal Securities Laws.

The complaint charges Citigroup Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between April 17, 2006 and November 2, 2007, defendants issued materially false and misleading statements regarding the Citigroup Inc’s business and financial results. The complaint specifically alleges that: (i) Citigroup Inc’s portfolio of CDOs contained billions of dollars worth of impaired and risky securities, many of which were backed by subprime mortgage loans; (ii) Citigroup Inc failed to properly account for highly leveraged loans such as mortgage securities; and (iii) Citigroup Inc had failed to record impairment of debt securities which they knew or disregarded were impaired, causing Citigroup Inc’s results to be false and misleading.

On November 4, 2007, Citigroup Inc announced significant declines in the fair value of $55 billion in the U.S. subprime debt exposure – a revenue decline related to these declines of $8 to $11 billion. Later that day, Citigroup Inc announced the resignation of its then-current Chief Executive Officer (“CEO”) and Chairman of the Board of Directors of Citigroup Inc. On this news, Citigroup Inc’s stock (NYSE: C) collapsed to open at $36.00 per share on November 5, 2007, a decline of 5%, from November 2, 2007, and a decline of 25% from October 12, 2007.