Investor Class Action V. Flag Telecom Marches On

Law360, New York (May 4, 2009, 12:00 AM EDT) -- In a long-running class action, Citigroup Global Markets Inc. and a battery of former officers of Flag Telecom Holdings Ltd. have failed to winnow claims that statements related to the bankrupt telecom company’s initial public offering misled investors about demand for fiber-optic services.

Judge William C. Conner of the U.S. District Court for the Southern District of New York unsealed a decision Friday denying Citigroup’s motion for partial summary judgment on allegations that the defendants misled investors by touting $750 million in presales for a trans-Atlantic...
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