HOUSTON, Texas, Sept. 20, 2002 (PRIMEZONE) -- The Emerson Firm, a securities class action trial law firm, announced today that a class action has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of AT&T Corp. common stock ("AT&T" or the "Company") (NYSE:T) during the period between November 29, 1999 and August 22, 2002, inclusive (the "Class Period"), or of the AT&T Wireless tracking stock (NYSE:AWE) from its inception until August 22, 2002, inclusive (the "Class Period"), against Salomon Smith Barney, Inc., analyst Jack Grubman, Salomon's parent company Citigroup, Inc. and Citigroup CEO Sanford Weill. A copy of the complaint filed in this action is available from the Court or can be obtained by calling toll-free or e-mailing the Firm.
The complaint charges defendants with recommending the purchase of AT&T common stock without regard to the factual basis and without disclosing its conflicts of interest. When issuing the analyst report, the Defendants Salomon and Grubman failed to disclose significant, material conflicts of interest, including the following: that, in an explicit or implicit quid pro quo, Salomon was granted a lucrative role in the April 2000 issuance of an AT&T Wireless tracking stock, after Grubman, at AT&T's request, passed to Grubman by Weill, raised his recommendation of AT&T in November 1999 from "neutral" to "buy."
If you bought AT&T common stock between November 29, 1999 and August 22, 2002, or AT&T Wireless tracking stock from its inception until August 22, 2002, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than October 22, 2002. If you are a member of this class, you can join this class action by calling toll-free or e-mailing the Firm. Any member of the purported class may move the Court to serve as lead plaintiff through The Emerson Firm or other counsel of their choice, or may choose to do nothing and remain an absent class member.
The Emerson Firm has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Texas and Arkansas, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm.
THE EMERSON FIRM Investor Relations Department: Ms. Tanya R. Autry 830 Apollo Lane Houston, Texas 77058 Toll Free: 1-800-663-9817 E-mail: tanya.autry@worldnet.att.net
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca