Dostart Clapp Gordon & Coveney, LLP Commences Class Action Lawsuit on Behalf of Citigroup, Inc. Voluntary FA Capital Accumulation Program Participants

SAN DIEGO--(Business Wire)--
On March 24, 2009, Dostart Clapp Gordon & Coveney, LLP filed a class action
lawsuit in the United States District Court, Southern District of California, on
behalf of all persons who participated in the Voluntary FA Capital Accumulation
Program ("FA CAP") of Citigroup, Inc. and its subsidiary, Citigroup Global
Markets, Inc. d/b/a Smith Barney (collectively "Citigroup" or the "Company")
against Citigroup, certain directors of Citigroup, the administrator of the FA
CAP, and John Does 1-30 alleging fraud pursuant to Sections 12(a)(2) of the
Securities Act [15 U.S.C. §§ 771(a)(2)] and 10(b) of the Exchange Act [15 U.S.C.
§§ 78j(b) and 78t(a)], Rule 10b-5 promulgated thereunder by the SEC [17 C.F.R. §
240.10b-5], Sections 201-204 and 221-222 of the California Labor Code, Sections
16600 and 17200 et seq. of the California Business & Professions Code, and the
California common law (the "Class").

The case name is styled Brecher and Short v. Citigroup, Inc., et al. A copy of
the complaint filed in this action is available from the Court, or by contacting
Dostart Clapp.

Under the FA CAP, participants used their earned wages to acquire restricted or
deferred common stock ("CAP Shares") or a stock option ("CAP Option" and,
collectively with CAP Shares, the "Securities") of Citigroup pursuant to a
prospectus (as defined in the Complaint, collectively, the "Offering
Documents").

As detailed in the Complaint, Citigroup sold the Securities to employees in
order to allow employees to have a percentage of their annual compensation paid
in the form of awards of restricted common stock. The Offering Documents
incorporated Citigroup`s annual financial results as well as any future filings
made with the SEC under Section 13(a), 13(c), 14 and 15(d).

The Complaint alleges that the Offering Documents, however, included untrue
statements of material fact and omitted material information, namely, that: (i)
the Company`s assets, including loans and mortgage-related securities, were
impaired to a much larger extent than the Company had disclosed; (ii) the
Company failed to properly record losses for impaired assets; (iii) the
Company`s internal controls were inadequate to prevent the Company from properly
reporting the value of its assets; (iv) Citigroup was not as well capitalized as
represented and would have to raise additional billions by selling equity in the
Company to the U.S. government in order to prevent its total collapse; and (v)
the Company caused its structured investment vehicles to imprudently issue
billions of dollars worth of commercial paper and short term notes based on
false and misleading statements.

If you were an FA CAP participant, you may request that the Court appoint you as
lead plaintiff by May 29, 2009. A lead plaintiff is a representative party that
acts on behalf of other class members in directing the litigation. In order to
be appointed lead plaintiff, the Court must determine that the class member`s
claim is typical of the claims of other class members, and that the class member
will adequately represent the class. Under certain circumstances, one or more
class members may together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or not to serve
as a lead plaintiff. You may retain Dostart Clapp, or other counsel of your
choice, to serve as your counsel in this action.

Founded in 1995, Dostart Clapp Gordon & Coveney, LLP serves the legal needs of a
diverse group of clients, who call on our expertise in complex employment and
consumer litigation, taxation, corporate law, and estate planning. Our trial
attorneys have successfully litigated numerous multi-million dollar disputes
involving the country`s leading public and private companies. Dostart Clapp
Gordon & Coveney, LLP is an "AV" rated law firm, the highest rating offered by
Martindale-Hubbell, the country`s premier attorney rating service. An "AV"
rating signifies "very high to preeminent legal ability" and "very high"
adherence to professional standards of conduct, ethics, reliability, and
diligence.

If you wish to discuss this action or have any questions, please contact Dostart
Clapp Gordon & Coveney, LLP at 4370 La Jolla Village Drive, Suite 970, San
Diego, California 92122, by telephone at (858) 623-4200 (James F. Clapp or
Marita Murphy Lauinger), via e-mail at jclapp@sdlaw.com or mlauinger@sdlaw.com.
All e-mail correspondence should make reference to Citigroup.

Dostart Clapp Gordon & Coveney, LLP
James F. Clapp or Marita Murphy Lauinger, 858-623-4200
jclapp@sdlaw.com or mlauinger@sdlaw.com

Copyright Business Wire 2009