BENSALEM, Pa. -- (Business Wire)
Law Offices of Howard G. Smith 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 the Law Offices of Howard G. Smith to discuss their legal
rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.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 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/20170419005258/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
© 2024 Canjex Publishing Ltd. All rights reserved.