Citi is a multinational investment bank and financial services corporation with its headquarters in New York, New York. The claims asserted in the case arise from Defendants’ misrepresentations and omissions regarding Citi’s internal controls and regulatory compliance. Specifically, the complaint alleges that, throughout the Class Period, Defendants made false and misleading statements regarding Citi’s internal controls, risk management capabilities, and regulatory compliance. As a result of Defendants’ misrepresentations, shares of Citi’s common stock traded at artificially inflated prices during the Class Period. The truth began to emerge on August 13, 2020, when reports surfaced that Citi had accidentally paid almost $900 million in principal payments to creditors of Revlon, Inc, on a loan for which Citi was an administrative agent. Less than a month later, on September 10, 2020, Citi announced in a press release that CEO Michael Corbat would be retiring in February 2021, much earlier than the general expectation that his retirement would come some time in 2022. Then, on September 14, 2020, reports surfaced that regulators were preparing to reprimand Citi for failing to improve its risk-management systems. Additionally, after the market closed on September 14, 2020, an internal memo from Citi’s CEO exposing the Company’s lax attitude towards internal controls and regulatory compliance was made public. Finally, on October 13, 2020, Citi reported an increase in the Company’s expenses during the third quarter by 5%, to a total of $11 billion, due in part to additional costs related to regulatory fines, investments in infrastructure, and other remediation costs related to control deficiencies. As a result of these disclosures, the price of Citi common stock declined precipitously.