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 shareholders@glancylaw.com.
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 shareholders@glancylaw.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.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170414005049/en/
Contacts:
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
https://www.glancylaw.com
shareholders@glancylaw.com
Source: Glancy Prongay & Murray LLP
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