|Company name||Citi Group, Inc.|
NEW YORK, September 22, 2020 – Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Citigroup, Inc. (NYSE: C) on behalf of Citigroup stockholders. Our investigation concerns whether Citigroup has violated the federal securities laws and/or engaged in other unlawful business practices.
On September 20, 2020, BuzzFeed News and the International Consortium of Investigative Journalists (ICIJ) published the FinCEN Files, a comprehensive investigation of global financial institutions involving “more than 400 reporters in 88 countries” and “twenty-two thousand pages of never-before-released government documents.” The FinCEN Files investigation purportedly “reveal[s] how some of the world’s biggest banks have facilitated the work of notorious terrorists, drug cartels, and despots” and centers around more than 2,100 suspicious activity reports (“SARs”) submitted to the US Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). Banks and other financial institutions submit SARs when they observe transactions that suggest money laundering or other illegal activity, and while these reports can support investigations and intelligence gathering, they are not by themselves evidence of a crime. The FinCen Files included SARs filed by nearly 90 financial institutions.
JPMorgan Chase & Co., Bank of America Corporation, and Citigroup, Inc. are among several financial institutions that Buzzfeed News claims “collectively processed millions of dollars in transactions for the family of Viktor Khrapunov, the former mayor of Kazakhstan’s most populous city, even after Interpol issued a Red Notice for his arrest. Khrapunov, who had already fled to Switzerland and who claims the allegations are politically motivated, was later convicted in absentia on charges that included bribe-taking and defrauding the city through the sale of public property.”
Based on the above news, on September 21, 2020, shares of JPMorgan fell $3.04 per share, to close at $95.31 per share, shares of Bank of America fell $0.74 per share, to close at $24.47 per share, and shares of Citigroup fell $0.93 per share, to close at $43.92 per share.
If you purchased or otherwise acquired Citigroup shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at email@example.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.