NYCB - Why New York Community Bancorp Stock Is Tumbling | Benzinga
New York Community Bancorp, Inc. (NYSE:NYCB) shares are trading lower Monday on continued weakness after the company last week announced that it identified material weaknesses in its internal controls and replaced its CEO. Moody's also downgraded New York Community Bancorp's long-term issuer rating to B3.
The Details:
Moody's said the company’s delayed reporting of financials, reported material weaknesses in internal controls and the transitions in leadership and board membership were the primary factors in its downgraded rating.
Moody's highlighted that these new risks are in addition to the company's reported fourth-quarter losses and changes to its functional ...