March 7, 2017 (Shareholders Foundation) - An investigation on behalf of investors of CIT Group Inc. (NYSE:CIT) shares over potential securities laws violations by CIT Group Inc and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of CIT Group Inc. (NYSE:CIT) concerning whether a series of statements by CIT Group Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Livingston, NJ based CIT Group Inc. is a bank holding company, that, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world.

CIT Group Inc. reported that its Net Income of over $1.05 billion in 2015 declined to a Net Loss of $860.90 million in 2016.

Shares of CIT Group Inc. (NYSE:CIT) grew from $26.56 per share in February 2016 to as high as $44.10 per share on February 21, 2017, respectively March 1, 2017.

On March 1, 2017 CIT Group Inc disclosed that it is unable to file its Annual Report on Form 10-K for the period ended December 31, 2016 by the prescribed deadline (March 1, 2017) without unreasonable effort or expense. CIT Group Inc said it is revising its financial statements for certain immaterial errors that impact the financial statements for the years ended December 31, 2015 and 2014 as well as each of the quarters for the years ended December 31, 2016 and 2015.

On March 7, 2017, NYSE:CIT shares closed at $42.32 per share.