SOURCE: Shareholders Foundation

Shareholders Foundation

April 23, 2012 09:35 ET

Citigroup Inc. (C) Investor Lawsuit Over CEO's Compensation Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Apr 23, 2012) - The Shareholders Foundation, Inc. announces that a lawsuit was filed by an investor in Citigroup Inc. (C) against the directors of Citigroup for awarding more than $54 million of compensation in 2011 to certain top executives, including an almost $15 million pay to its CEO.

Investors who purchased shares of Citigroup Inc. (C) and currently hold any of those Citigroup shares, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The plaintiff alleges that certain executives and directors of Citigroup received generous salaries while Citigroup's performance did not necessarily justify it and while its stock fell by more than 44%. The plaintiff claims that the board of directors spent funds in an unwarranted and excessive manner on compensation packages for its executives.

In fact, Citigroup's CEO received in 2010 a symbolic $1 and in 2009 $128,741. In 2011 he was paid total compensation of more than $14.9 million. A raise of 1,499,999,900% over his 2010 compensation, so the plaintiff

Citigroup shareholders voted to reject Citigroup's executive compensation plan, which included approving the CEO's $15 million pay package, at the annual meeting on April 17, 2012.

The plaintiff says that vote has cast doubt on the board's decision-making process, as well as the accuracy and truthfulness of its public statements and absent this lawsuit, the majority will of the company's stockholders shall be rendered meaningless.

NYSE:C shares closed on April 20, 2012, at $33.89 per share, down from its current 52week High of $46.00 per share.

Those who are current investors in Citigroup shares, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108