An investigation on behalf of investors of Citigroup Inc. (NYSE: C) shares over potential securities laws violations by Citigroup Inc. and certain of its directors and officers in connection with certain financial statements was announced.

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

Citigroup Inc. reported that its annual Total Revenue rose from $72.85 billion in 2018 to $74.28 billion in 2019, and that its Net Income increased from $18.04 billion in 2018 to $19.4 billion in 2019.
On October 7, 2020, U.S. banking regulators announced enforcement actions against Citigroup Inc, citing 'deficiencies in its risk management, internal controls, and data governance and consented to the assessment of a civil money penalty,' slapping the bank with a $400 million fine. The Federal Reserve Board noted that the action comes after Citigroup Inc failed to effectively address concerns related to risk management and controls that it previously identified in 2013 and 2015.

Shares of Citigroup Inc. (NYSE: C) declined from $46.06 per share on October 6, 2020 to $42.25 per share on October 15, 2020.