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 howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
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/20170512005114/en/
Contacts:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Source: Law Offices of Howard G. Smith
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