Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired Citizens Financial Group, Inc. (NYSE: CFG) (“Citizens”) common stock between July 28, 2016 and January 27, 2017, inclusive (the “Class Period”).
Citizens investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Citizens offers banking products and services through its two operating segments - Consumer Banking and Commercial Banking - with a focus on providing local delivery and a differentiated customer experience.
The Class Period commences on March 18, 2016 when Citizens published its fiscal year 2015 annual report.
According to the complaint, on March 29, 2017, the Wall Street Journal (“WSJ”) reported that certain Citizens employees admitted that company employees faked “financial checkup” meetings with customers. The company claimed that the “Citizens Checkup” program resulted in 400,000 scheduled appointments in 2016. However, according to the WSJ, former employees said they falsified information because of pressure to meet expectations related to the program. Following this news, Citizens’ stock price declined $0.54 per share to close at $34.49 per share on March 29, 2017.
The complaint alleges that throughout the Class Period, the defendants failed to disclose: (1) that company employees were falsifying information related to the Citizens Checkup program; (2) that, as a result, the company’s reported Citizens Checkup figures were inflated; and (3) that, as a result of the foregoing, the defendants’ statements about Citizens’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you are a member of the class described above, you may no later than June 26, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
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