LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Citizens, Inc. (“Citizens” or the “Company”) (NYSE: CIA) securities between March 11, 2015 and March 8, 2017, inclusive (the “Class Period”). Citizens investors have until May 15, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Citizens investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
On March 8, 2017, Seeking Alpha published an article alleging that Citizens sells insurance policies through a network of brokers who prey on foreign families and retirees with promises of “guaranteed returns” backed by U.S. Treasuries. According to the article, Citizens was using a portion of the premiums paid by policyholders to make open market purchases of Citizens stock—artificially propping up the Company’s stock price. On this news, shares of Citizens fell nearly 4% on March 8, 2017.
According to the Complaint filed in this class action, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose that: (1) Citizens' brokers and pitchbooks falsely claimed that most of the funds from its insurance policies were directly invested in U.S. Treasury Bond; (2) funds from Citizens' insurance policies were funneled into continuous open market purchases that inflated Citizens' stock price; and (3) consequently, defendants' statements about Citizens' business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased shares of Citizens during the Class Period you may move the Court no later than May 15, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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