NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of Texas on behalf of all persons or entities who purchased or otherwise acquired Citizens, Inc. (NYSE : CIA) securities between March 11, 2015 and March 8, 2017 (the “Class Period”). Investors have until May 15, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Citizens’s brokers and pitch books falsely claimed that most of the funds from its insurance policies were directly invested in U.S. Treasury bonds; and (2) funds from Citizens’s insurance policies were funneled into continuous open market purchases that inflated Citizens’s stock price. As a result, Defendants’ statements about Citizens’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis throughout the Class Period.
On March 8, 2017, Seeking Alpha published an article asserting that Citizens sells insurance policies to foreign families and retirees with promises that they are backed by U.S. Treasury bonds. These insurance policies’ premiums, however, are sent to Citizens’s transfer agent to make market purchases of Citizens stock, artificially inflating Citizens’s stock price. Following this news, Citizens shares fell $0.45 per share, or over 5%, over the next two trading days to close at $8.00 per share on March 9, 2017.
If you purchased or otherwise acquired Citizens securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, 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, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Citizens lawsuit, please go to www.bespc.com/citizens. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.