New York Community Bancorp shares drop due to material weaknesses, CEO replacement, Moody's downgrade, and delayed financial reporting.

New York Community Bancorp (NYSE: NYCB) shares dropped after the company revealed "material weaknesses" in internal controls and replaced its CEO. Moody's downgraded NYCB's long-term issuer rating to B3 due to these factors, as well as delayed financial reporting and leadership transitions. The bank's shares have decreased by 66.26% in the past year.