LOS ANGELES -- (Business Wire)
Glancy
Prongay & Murray LLP (“GPM”) reminds investors of the May 15,
2017 deadline to file a lead plaintiff motion in the class action
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.
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 or otherwise acquired Citizens shares during the Class
Period you may move the Court no later than May 15, 2017 to
request appointment as lead plaintiff. 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://www.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/20170508005986/en/
Contacts:
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
Source: Glancy Prongay & Murray LLP
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