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$24.4 Million Settlement Obtained Against Citigroup Global Markets Securities Class Action

This is a settlement for the Securities/Stock Fraud lawsuit.

New York, NY: A $24.4 million cash settlement obtained in a case against Citigroup Global Markets, Inc. and seven former officers and directors of FLAG Telecom Holdings, Ltd. was approved by Judge Colleen McMahon of the U.S. Southern District Court of New York. Judge McMahon called it an "extraordinary recovery for the class." The Order and Final Judgement was filed on November 8th, 2010.

FLAG Telecom was a global telecommunications provider that filed for bankruptcy in 2002, just two years after netting approximately $635 million in its initial public offering. Plaintiffs claimed that the IPO Prospectus exaggerated company profits and the market demand for its products, and that the company reported artificially inflated revenues and earnings after the IPO.

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Published on Nov-10-10


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