Goodkind Labaton Rudoff & Sucharow LLP Announces Class Action Lawsuit Against Salomon Smith Barney.Business Editors/Legal Writers NEW YORK--(BUSINESS WIRE)--June 25, 2003 Goodkind Labaton Rudoff & Sucharow LLP LLP - Lower Layer Protocol announces that on June 12, 2003 it filed a class action suit in U.S. District Court for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , against Citigroup Inc. and certain of its affiliates, including Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. . The suit was filed on behalf of persons who purchased, or otherwise invested $100,000 or more in class B shares in one or more Salomon Smith Barney mutual funds during the period June 12, 1998 through June 12, 2003, where such investment(s) could have otherwise qualified for the $100,000 "breakpoint The location in a program used to temporarily halt the program for testing and debugging. Lines of code in a source program are marked for breakpoints. When those instructions are about to be executed, the program stops, allowing the programmer to examine the status of the program " load reduction associated with investments in class A shares of the same fund(s) (the "Class"). The Complaint alleges that defendants violated vi·o·late tr.v. vi·o·lat·ed, vi·o·lat·ing, vi·o·lates 1. To break or disregard (a law or promise, for example). 2. To assault (a person) sexually. 3. the federal securities laws and engaged in a course of business which operated as a fraud and deceit Deceit Aimwell pretends to be titled to wed into wealth. [Br. Lit.: The Beaux’ Stratagem] Ananias lies about amount of money received for land. [N.T.: Acts 5:1–6] Ananias Club all its members are liars. [Am. on members of the class, as defined above, in the following Salomon Smith Barney mutual funds: Adjustable Rate Income Fund (Smith Barney Shares) Aggressive Growth Fund Allocation Series Balanced Portfolio Allocation Series Conservative Portfolio Allocation Series Global Portfolio Allocation Series Growth Portfolio Allocation Series High Growth Portfolio Allocation Series Income Portfolio Appreciation Fund Arizona Municipals Fund Balanced Fund California Municipals Fund Capital and Income Fund (Smith Barney Shares) Classic Values Fund Annual Semi-Annual Convertible Fund (Smith Barney Shares) Diversified Large Cap Growth Fund Diversified Strategic Income Fund Financial Services Fund Florida Portfolio Fundamental Value Fund Georgia Portfolio Global Government Bond Portfolio Government Securities Fund Group Spectrum Fund Growth & Income Fund (Smith Barney Shares) Hansberger Global Value Fund Health Sciences Fund High Income Fund Intermediate Maturity California Municipals Fund Intermediate Maturity New York Municipals Fund International All Cap Growth Portfolio International Large Cap Fund Investment Grade Bond Fund Large Cap Core Fund Large Capitalization Growth Fund Large Cap Value Fund Annual Semi-Annual Limited Term Portfolio Managed Governments Fund Managed Municipals Fund Massachusetts Municipals Fund Mid Cap Core Fund Municipal High Income Fund National Portfolio New Jersey Municipals Fund New York Portfolio Oregon Municipals Fund Pennsylvania Portfolio Premier Selections: All Cap Growth Fund Premier Selections: Global Growth Fund Premier Selections: Large Cap Fund Short-Term Investment Grade Bond Fund Small Cap Core Fund Small Cap Growth Fund Small Cap Growth Opportunities Fund Small Cap Value Fund Social Awareness Fund S&P 500 Index Fund Technology Fund Total Return Bond Fund U.S. Government Securities Fund As alleged in the Complaint, Smith Barney's class B shares are an inferior investment choice because, for investors willing to invest $100,000 or more in Smith Barney Funds, investments in class B shares will yield a smaller return because class B shareholders are charged higher sales charges Sales Charge A commission or fee paid by an investor at the time of purchasing mutual fund shares. The charge is paid to a mutual fund salesperson or financial advisor and is intended to provide compensation for the financial salesperson's efforts in assisting their client select and ongoing annual fees than holders of class A and/or L shares in the same fund. Investors with $100,000 or more to invest will always pay less in sales charges and ongoing distribution fees by investing in class A shares than they will investing in B shares because such investors pay a reduced up front load due to the size of their investment. Under these circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , A shares are always a superior investment choice to class B, regardless of anticipated holding period Anticipated holding period The period of time an individual expects to hold an asset. . Despite the fact that class B shares are not a sound investment choice for investors that could have qualified for the $100,000 breakpoint reduction had they invested in class A shares, the majority of money invested in the Smith Barney Funds goes into class B shares. Smith Barney fails to disclose to Class members that investing in class B shares never makes economic sense but instead results in the payment of unnecessary and excessive fees to Defendants. If you invested $100,000 or more in class B shares in one or more Salomon Smith Barney mutual funds between June 12, 1998 through June 12, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than August 26, 2003. If you would like to consider serving as a lead plaintiff or have any questions about the lawsuit, please contact Chris Keller Chris Keller is a fictional character on the HBO series Oz, portrayed by Christopher Meloni from 1998 to 2003. Season 2 A violent sociopath, he has committed several murders by the time he is sent to Oz to serve an 88-year sentence. by email at ckeller@glrslaw.com or at 212/907-0700. Goodkind Labaton is a national law firm that represents investors and consumers in class action and corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . It is one of the country's premiere firms in the area of securities fraud, with in-house finance specialists and extensive trial experience. |
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