Intevac, Inc., a Santa Clara, California technology company, prevailed in claims against Citigroup relating to auction rate securities. Intevac claimed that Citigroup had sold its auction rate securities as liquid, short-term, cash alternative investments, but failed to disclose that the liquidity in the market for these securities had dried-up. When the auction rate securities market collapsed in February 2008, Intevac was left holding nearly $57 million in long-term investments that it could only sell for a loss of more than $10 million. Intevac brought securities fraud claims under federal and California law, as well as a variety of common law claims. A FINRA panel ordered rescission, requiring Citigroup to buy back Intevac's auction rate securities at par value and permitting Intevac to keep the interest it earned on those investments (more than $3 million) in the meantime.