NEW YORK, Nov. 21, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Citigroup Inc. (“Citigroup” or the “Company”) (NYSE: C). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Citigroup and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On September 14, 2020, reports surfaced that regulators were preparing to reprimand Citi for failing to improve its risk-management systems. On this news, Citi’s stock price fell $2.85 per share, or 5.59%, to close at $48.15 per share on September 14, 2020.
Then, on September 14, 2020, post-market, an internal memo sent to Citi employees revealed for the first time the Company’s disregard for adequate internal controls and regulatory compliance. On this news, Citi’s stock price fell an additional $3.34 per share, or 3.94%, to close $44.81 per share on September 15, 2020.
Finally, on October 13, 2020, Citi reported earnings for the third quarter of 2020, and disclosed that the Company’s expenses increased during the third quarter by 5%, to $11 billion, due to an increase in costs including a $400 million fine, investments in infrastructure, and other remediation costs related to control deficiencies. On this news, Citi’s stock price fell another $2.20 per share, or 4.8%, to close at $43.68 per share on October 13, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.