NEW YORK, May 2, 2008 /PRNewswire via COMTEX News Network/ -- The Securities Law Firm of Klayman &
Toskes, P.A. ("K&T")( http://www.nasd-law.com ) announced today that a lawsuit
has been filed in the United States District Court for the Southern District
of Florida on behalf of purchasers of the Citigroup, Inc. (NYSE: C) Falcon
Strategies Hedge Fund, Case No. 08-80346-Civ-ZLOCH/SNOW. The lawsuit alleges
that Citigroup violated the federal securities laws by misrepresenting the
level of risk to the fund. Citigroup's Falcon Strategies Fund lost almost 53%
in the fourth quarter of 2007, and is now down about 75% overall. The losses
have been largely attributed to the fund betting on mortgage-backed and
preferred securities and making trades based on the relative values of
municipal bonds and U.S. Treasuries. Some Collateralized Debt Obligations
("CDOs") in the Fund are now worth 25% of their original value.

Klayman & Toskes is also continuing its investigation of another troubled
Citigroup fund called CSO Partners. In the wake of heavy investment losses,
Citigroup spokesman Jon Diat announced that the firm has "temporarily
suspended redemptions of all shares of CSO to stabilize the fund." The Wall
Street Journal reported that CSO ran into trouble last November, when it
sought to invest a sizeable amount of its assets in a German media company.
John Pickett, the manager of CSO, later tried to back out of the deal, but
ultimately CSO was forced to buy the debt at face value even though it was
trading at about 90 cents on the dollar by that time, The Journal reported.
John Pickett has resigned from Citigroup since the deal went bad.

If you are an investor of Citigroup's Falcon Strategies or CSO Partners
Funds and wish to explore your legal options, please contact Steven D. Toskes,
Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at
888-997-9956. You may also visit us on the web at http://www.nasd-law.com .

Klayman & Toskes, P.A., an experienced and nationally recognized
securities litigation law firm, continues its representation of investors
throughout the world in securities arbitration and litigation matters against
major Wall Street brokerage firms.

NYSE: C

SOURCE Klayman & Toskes, P.A.

http://www.nasd-law.com

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