BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming June 26, 2017 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of a class of investors who purchased or otherwise acquired 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.
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 Citizens securities, you may move the Court no later than June 26, 2017 to request appointment as lead plaintiff in the putative class action lawsuit. 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 action lawsuit. 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 this lawsuit, 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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