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Citizens Financial Group Inc (NYSE: CFG) Investor Securities Class Action Lawsuit 04/25/2017

  • If you purchased shares of Citizens Financial Group Inc (NYSE: CFG), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Citizens Financial Group Inc
Security
NYSE: CFG

Case Name
Citizens Financial Group Shareholder Class Action Lawsuit 04/25/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

November 16, 2017 - The case was voluntarily dismissed.

October 26, 2017 - A motion to dismiss the amended complaint was filed.

September 11, 2017 - An amended complaint was filed.

April 25, 2017 - An investor in shares of Citizens Financial Group Inc (NYSE: CFG) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Citizens Financial Group Inc in connection with certain allegedly false and misleading statements made between March 18, 2016 and March 29, 2017.

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 Financial Group Inc’s 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.