Zwerling, Schachter & Zwerling, LLP Appointed Lead Counsel in Citigroup Auction Rate Securities Litigation

NEW YORK, July 14 /PRNewswire/ -- On June 24, 2008, Judge Laura Taylor Swain of the United States District Court for the Southern District of New York issued an order appointing Dr. Michael A. Passidomo lead plaintiff in the class action pending against Citigroup Inc. , Citigroup Global Markets, Inc. and Citi Smith Barney (the "Defendants") on behalf of investors in auction rate securities purchased from Defendants. Judge Swain appointed Zwerling, Schachter & Zwerling, LLP ("Zwerling Schachter") to serve as Lead Counsel for the proposed class.

The first of the lawsuits involving the purchase of auction rate securities from Defendants was filed in March 2008. The suits, which were consolidated by the Court, allege that since April 2002 Defendants deceived investors about the risks of auction rate securities by, among other things, falsely marketing auction rate securities as cash equivalents that were highly safe and liquid investments. However, as alleged in the complaints, auction rate securities are complex financial instruments that only appeared liquid and stable because Defendants were artificially supporting and manipulating the market. The auction rate securities market collapsed on February 13, 2008, after Defendants withdrew their support, rendering investors' auction rate securities illiquid and worth substantially less than par value.

Zwerling Schachter is continuing to investigate the sale of auction rate securities to investors. If you wish to discuss this action or have any questions concerning your rights and interests with respect to this matter, please contact Zwerling Schachter (Willy Gonzalez) at 1-800-721-3900 or by e-mail at wgonzalez@zsz.com, or by visiting Zwerling Schachter's website at http://www.zsz.com/ and following the link to "In re Citigroup Auction Rate Securities Litigation."

Zwerling Schachter concentrates in prosecuting class actions nationwide on behalf of investors. The firm currently plays a leading role in numerous major securities and complex commercial litigations pending in federal and state courts and has offices in New York City, Garden City, New York, and Seattle, Washington. Zwerling Schachter has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities class action litigation.

Visit our website at: http://www.zsz.com/

CONTACT: Willy Gonzalez of Zwerling, Schachter & Zwerling, LLP, +1-800-721-3900, wgonzalez@zsz.com

Web Site: http://www.zsz.com/

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