BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Citizens Financial Group, Inc. (“Citizens” or the “Company”) (NYSE: CFG) securities between March 18, 2016 and March 29, 2017, inclusive (the “Class Period”). Citizens investors have until June 26, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Citizens investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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. On this news the Company’s stock price declined, injuring investors.
The complaint filed in this lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, 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, Defendants’ statements about Citizens’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased shares of Citizens during the Class Period you may move the Court no later than June 26, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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