The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Citizens Financial Group, Inc. (NYSE: CFG) who purchased shares between March 18, 2016 and March 29, 2017. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) Company employees were falsifying information related to the Citizens Checkup program; (2) as a result, the Company’s reported Citizens Checkup figures were inflated; and (3) as a result of the foregoing, Defendants’ statements about Citizens’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On March 29, 2017, the Wall Street Journal (“WSJ”) reported that certain Citizens employees admitted that employees faked “financial checkup” meetings with customers. According to the WSJ, former employees said they falsified information because of pressure to meet expectations related to the program.
Shareholders have until June 26, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
Please fill out the form to learn more