Lawsuit filed for Investors in shares of Citigroup Inc. (NYSE: C)

An investor, who purchased shares of Citigroup Inc. (NYSE: C), filed a lawsuit over alleged violations of Federal Securities Laws by Citigroup Inc.

Investors who purchased shares of Citigroup Inc. (NYSE: C) have certain options and for certain investors are short and strict deadlines running. Deadline: December 29, 2020. NYSE: C investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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 August 13, 2020, reports surfaced that Citigroup Inc had accidentally paid almost $900 million in principal payments to creditors of Revlon, Inc, on a loan for which Citi was an administrative agent.

On September 10, 2020, Citigroup Inc announced that CEO Michael Corbat would be retiring in February 2021, much earlier than the general expectation that his retirement would come some time in 2022.
On September 14, 2020, reports surfaced that regulators were preparing to reprimand Citi for failing to improve its risk-management systems. Additionally, after the market closed on September 14, 2020, an internal memo from Citi's CEO exposing the Company's lax attitude towards internal controls and regulatory compliance was made public.

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.

On October 13, 2020, Citigroup Inc reported an increase in the Company's expenses during the third quarter by 5%, to a total of $11 billion, due in part to additional costs related to regulatory fines, investments in infrastructure, and other remediation costs related to control deficiencies.

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.

The plaintiff claims that between February 25, 2017, and October 12, 2020, the Defendants made false and misleading statements regarding Citi's internal controls, risk management capabilities, and regulatory compliance and that as a result of Defendants' misrepresentations, shares of Citi's common stock traded at artificially inflated prices between February 25, 2017, and October 12, 2020.

Those who purchased shares of Citigroup Inc. (NYSE: C) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.