BALA CYNWYD, Pa.-A class action lawsuit has been filed against telecom analyst Jack Grubman, Citigroup Inc. and Sanford Weill, Citigroup’s chief executive officer, on behalf of purchasers of AT&T Corp. stock and/or AT&T Wireless Services Inc. stock from Nov. 29, 1999, to Aug. 22.
The lawsuit comes on the heals of allegations that Weill instructed Grubman to change his rating of AT&T so Citigroup could gain the initial public offering business of the wireless tracking stock when the unit was spun off. Grubman changed his rating from neutral to buy.
Members of the class can contact the law firm of Schriffrin & Barroway L.L.P. before Oct. 22 if they wish to serve as lead plaintiff.
