NEW YORK, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Zhang Investor Law announces a class action lawsuit on behalf of shareholders who bought shares of Citigroup Inc. (NYSE: C) between January 15, 2016 and October 12, 2020, inclusive (the “Class Period”).
To join the class action, go to http://zhanginvestorlaw.com/join-action-form/?slug=citigroup-inc&id=2503 or call Sophie Zhang, Esq. toll-free at 800-991-3756 or email firstname.lastname@example.org for information on the class action.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (a) Citigroup’s failure to implement and maintain an enterprise-wide risk management and compliance risk management program, internal controls, or a data governance program commensurate with the Company’s size, complexity, and risk profile; (b) Citigroup’s failure to establish an effective risk governance framework; (c) Citigroup’s failure to establish enterprise-wide risk management policies, standards, and frameworks necessary to adequately identify, measure, monitor, and control risks ; (d) Citigroup’s failure to establish effective front-line units, independent risk management, internal audit, and control functions; (e) Citigroup’s failure to develop and execute on a comprehensive plan to address data governance deficiencies, including data quality errors and failure to produce timely and accurate management and regulatory reporting; (f) that Citigroup had failed to make the investments required to address its regulatory shortcomings; (g) that the Company had failed to implement and establish the requisite internal controls, risk management and data governance processes to comply with regulatory requirements, existing consent orders, and applicable laws and regulations; (h) that the Company was currently exposed to significant financial and operational risk, including risk from outdated and manual processes that left the Company susceptible to material accounting errors; (i) that the Company was currently suffering from material deficiencies in its policies, procedures and practices applicable to data integrity and data governance and had failed to develop and execute on a plan to address these deficiencies as required by regulators; (j) that the Company lacked the required personnel with appropriate training, experience and authority to implement the required risk management and internal controls; and (k) that as a result of the foregoing, the Company had engaged in unsafe and unsound business practices that exposed it to heightened regulatory, legal, business and reputational risks. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you wish to serve as lead plaintiff, you must move the Court no later than December 29, 2020.
Lead plaintiff status is not required to seek compensation. You may retain counsel of your choice. You may remain an absent class member and take no action at this time.
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