ALBANY, N.Y. (AP) -- State investigators are looking into whether a top analyst for Citigroup Inc. upgraded his rating of AT&T's stock to help land the bank a role advising on a $10.6 billion deal for the telecommunication giant, a source familiar with the matter said.
AT&T spokeswoman Eileen Connolly confirmed Friday that the company received a subpoena from state Attorney General Eliot Spitzer's office, but declined to elaborate.
The source, who spoke on condition of anonymity, said the subpoena focuses on whether telecommunications analyst Jack Grubman changed his rating on AT&T to help Citigroup's Salomon Smith Barney investment banking division win the role underwriting AT&T's April 2000 deal to help set up an AT&T tracking stock to finance the company's wireless division.
Brainerd Dispatch ©2013. All Rights Reserved.