SAN DIEGO & PROVIDENCE, R.I.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Citizens Financial Group, Inc. (NYSE: CFG) ("Citizens Financial") violated federal securities laws by fabricating data for its customer meeting program. Citizens Financial operates as the bank holding company for Citizens Bank, N.A. and Citizens Bank of Pennsylvania that provide retail and commercial banking products and services in the United States.
View this press release on the firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/citizens-financial-group-inc
Report Claims that Citizens Financial Falsifies Data for Citizens Checkup Program
Since February 2016, Citizens Financial has implemented its Citizens Checkup program, which invites customers into branches for a financial checkup. Citizens Financial claimed that the program resulted in 400,000 checkup appointments in 2016. However, according to a report by The Wall Street Journal on March 29, 2017, current and former Citizens Financial employees said that they falsified information because of pressure to meet goals related to the program and due to time constraints from other banking responsibilities. For example, after a fake appointment allegedly occurred, bankers recorded that the customer either did not show up or did not sign up for any new products. This falsified information could adversely impact the accuracy of the data that Citizens Financial presented to investors about its corporate culture and internal controls.
Citizens Financial Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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