NEW YORK, May 9, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Citizens Inc. ("Citizens" or the "Company") (NYSE: CIA) of the May 15, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Western District of Texas on behalf of all those who purchased Citizen securities between March 11, 2015 and March 8, 2017 (the "Class Period"). The case, Gamboa v. Citizens, Inc. et al., No. 17-cv-00241 was filed on March 16, 2017, and has been assigned to Judge Robert Pitman.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by misrepresenting the Company's investment strategies in the open market that allowed it to inflate its own stock price.
Specifically, on March 8, 2017, SeekingAlpha published a report alleging that although Citizen's promises of "outsized 'guaranteed' returns backed by U.S. Treasury bonds," the company's funds are "not invested in U.S. Treasuries and [Citizen's] policies appear designed to prop up Citizen's stock price." The article continued "[b]ecause most of the [Company's] returns to existing policyholders are driven by funds contributed by new policyholders, Citizens displays some characteristics that appear analogous to a Ponzi scheme."
After the publication of the article, Citizens's share price fell from $8.45 per share on March 7, 2017 to a closing price of $8.00 on March 9, 2017—a $0.45 or a 5.3% drop.
Request more information now by clicking here: www.faruqilaw.com/CIA. There is no cost or obligation to you.
Take Action
If you invested in Citizen stock or options between March 11, 2015 and March 8, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/CIA. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Citizen's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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Telephone: (877) 247-4292 or (212) 983-9330
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