India, Feb. 29 -- Shares of New York Community Bancorp Inc. (NYCB) fell more than 21% in after-hours trading on Thursday after the bank disclosed issues with its internal controls and announced a leadership change.
NYCB closed Thursday's regular trading at $4.79 up $0.25 or 5.51%. But in the after-hours trading the stock dropped $1.04 or 21.71%.
As part of management's assessment of the company's internal controls, the company identified material weaknesses in its internal controls related to internal loan review, resulting from ineffective oversight, risk assessment and monitoring activities, NYCB said in a filing with the U.S. Securities and Exchange Commission.
The company determined that Generally Accepted Accounting Principles requi...