NEW YORK, Dec. 06, 2020 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Citigroup Inc. (NYSE: C) between January 15, 2016 and October 12, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Citigroup investors under the federal securities laws.
To join the Citigroup class action, go to http://www.rosenlegal.com/cases-register-1999.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or concealed and/or failed to disclose: (1) 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; (2) Citigroup’s failure to establish an effective risk governance framework; (3) Citigroup’s failure to establish enterprise-wide risk management policies, standards, and frameworks necessary to adequately identify, measure, monitor, and control risks; (4) Citigroup’s failure to establish effective front-line units, independent risk management, internal audit, and control functions; (5) 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; (6) that Citigroup had failed to make the investments required to address its regulatory shortcomings; (7) that Citigroup 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; (8) that Citigroup was currently exposed to significant financial and operational risk, including risk from outdated and manual processes that left Citigroup susceptible to material accounting errors; (9) that Citigroup was currently suffering from material deficiencies in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; (10) that Citigroup lacked the required personnel with appropriate training, experience and authority to implement the required risk management and internal controls; and (11) that as a result of the foregoing, Citigroup 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.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 29, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1999.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com