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  • Citigroup Inc. (NYSE:C) Sued by The Central Bank of Norway

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    Tuesday Sept. 28, 2010 at 09:59 am EST
    Citigroup Inc. (NYSE:C) Sued by Central Bank of Norway
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    According to Wall Street Journal, Norges Bank, the central bank of Norway has sued Citigroup, claiming that the firm had issued deceptive statements about its finances. The central bank has reported that it had purchased shares of Citigroup stock at an inflated price due to
    the misleading information, and has claimed to have lost more than $735 million on investments in the bank's common stock in addition to $100 million in losses from Citi bonds and preferred shares. Norges Bank had filed the suit against New-York based Citigroup and 20 current and former executives and directors of Citigroup which also includes the current CEO, Vikram Pandit and previous CEO, Charles Prince.

    According to the complaint filed, Citigroup had misrepresented the financial conditions and had failed to disclose material information. The suit was filed on September 17 in District Manhattan and it accuses Citi of making “repeated material untrue statements and non-disclosure of material information to investors” between January 19, 2007 and January 15, 2009 which had caused Norges Bank to purchase
    the securities at inflated prices. Citigroup stock closed at $3.87 on Monday which is at resistance point. The support levels below are at $3.873 $3.41. Resistance levels for Citigroup inc. - $3.96, $4,.08 and $4.25.

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