SOURCE: Tramont, Guerra and Nunez, P. A.

December 18, 2008 11:00 ET

Notice From the Securities Law Firm of Tramont Guerra Nunez, PA to All Citigroup Global Markets Customers Who Purchased Fannie Mae Preferred Series T Stock

CORAL GABLES, FL--(Marketwire - December 18, 2008) - The Securities Law Firm of Tramont Guerra & Núñez, PA (TGN) makes an announcement to all Citigroup Global Markets (NYSE: C) customers who invested in Fannie Mae Preferred Stock, Series T, Shareholders (NYSE: FNM-PT) issued by Fannie Mae (NYSE: FNM). The Fannie Mae Preferred Stock "Series T" class action lawsuit (Case No. 08 CV 9649) was filed on November 7, 2008 against Citigroup Global Markets ("Citigroup") for its involvement in the "firm" commitment underwriting of the Offering. The class action filed on behalf of investors alleges that Citigroup, as a lead underwriter of the Preferred stock offering used a prospectus, which "contained materially misleading statements of material fact and omitted to state material facts." Citigroup as a lead underwriter was responsible to conduct a due diligence review of the facts disclosed in the prospectus which was used to solicit their customers to purchase Fannie Mae 8.25% Non-Cumulative Preferred stock as a safe stable investment.

Many investors were advised by Citigroup and their financial advisors that the Fannie Mae Preferred Stock, Series T, was a safe and stable investment suitable for risk adverse investors. Brokerage firms are obligated to give, and investors are entitled to rely upon, brokerage firms for competent, suitable investment advice in accordance with the Financial Industry Regulatory Authority (FINRA) Rules and Regulations. The recommendation of unsuitable investments and concentration in a particular security or sector, are both sales practice violations which qualify for damages from a security arbitration claim filed with FINRA. In some cases, shareholders must "opt-out" as a class member in order to pursue a securities arbitration claim, otherwise this legal option is not available.

The Securities Law Firm of Tramont Guerra & Núñez, PA, is a nationally recognized, Martindale Hubbell "AV" rated law firm. To request a confidential consultation from a TGN attorney for investment losses that exceed $100,000 from a full service brokerage account, contact us on our website at To speak directly with an attorney, call (800) 578-0137 and ask for David Chacin, Esquire.

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Contact Information

  • Contact:
    David Chacin, Esquire
    2100 Ponce De Leon Blvd, Penthouse II
    Coral Gables, Florida 33431
    (800) 578-0137
    Email Contact