NEW YORK--(BUSINESS WIRE)--
Rosen Law Firm, a global investor rights law firm, announces that it has filed a class action lawsuit on behalf of purchasers of Citizens, Inc. securities (NYSE:CIA) from March 11, 2015 through March 8, 2017, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Citizens investors under the federal securities laws.
To join the Citizens class action, go to http://www.rosenlegal.com/cases-1077.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or 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) as a result, defendants’ statements about Citizens’ business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On March 8, 2017, Seeking Alpha published an article asserting that Citizens sells insurance policies to foreign retail investors and retirees with promises that they are backed by U.S. Treasury bonds even though such policies actually funnel millions of dollars into open market purchases of Citizens’ shares and inflate the value of such shares. On this news shares of Citizens 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, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2017. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-1077.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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