A lawsuit was filed on behalf of investors in Citizens Financial Group Inc (NYSE:CFG) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/16/2017 -- The Shareholders Foundation announces that an investor, who purchased shares of Citizens Financial Group Inc (NYSE:CFG), filed a lawsuit over alleged violations of Federal Securities Laws by Citizens Financial Group Inc.
Investors who purchased shares of Citizens Financial Group Inc (NYSE:CFG) have certain options and for certain investors are short and strict deadlines running. Deadline: June 26, 2017. NYSE:CFG investors should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Citizens Financial Group Inc (NYSE:CFG) common shares between March 18, 2016 and March 29, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 18, 2016 and March 29, 2017, the Defendants failed to disclose that Company employees were falsifying information related to the Citizens Checkup program, that, as a result, the Company's reported Citizens Checkup figures were inflated, and that, as a result of the foregoing, Defendants' statements about Citizens' business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Providence, RI based Citizens Financial Group, Inc. is a retail bank holding company. Citizens Financial Group Inc reported that its Net Income rose from $840.00 million in 2015 to over $1.045 billion in 2016. Shares of Citizens Financial Group Inc (NYSE:CFG) grew from $18.89 per share in February 2016 to as high as $39.59 per share on March 1, 2017.
On March 29, 2017, it was reported that Citizens Financial Group Inc's employees admitted that employees faked "financial checkup" meetings with customers. Reportedly Citizens Financial Group Inc claimed that the "Citizens Checkup" program resulted in 400,000 scheduled appointments in 2016. The article stated, however, that former employees said they falsified information because of pressure to meet expectations related to the program. Shares of Citizens Financial Group Inc (NYSE:CFG) declined on March 27, 2017 to as low as $32.99 per share.
On May 15, 2017, NYSE:CFG shares closed at $37.02 per share.
Those who purchased shares of Citizens Financial Group Inc (NYSE:CFG) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego