BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming May 15, 2017 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of a class of investors who purchased or otherwise acquired 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 in the putative class action lawsuit.
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 Citizens securities, you may move the Court no later than May 15, 2017 to request appointment as lead plaintiff in the putative class action. 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 action. 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 this lawsuit, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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