A lawsuit was filed on behalf of investors in Citizens, Inc. (NYSE:CIA) shares over alleged securities laws violations. Deadline: May 15, 2017. NYSE:CIA investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/21/2017 -- An investor, who purchased shares of Citizens, Inc. (NYSE:CIA), filed a lawsuit in Texas over alleged violations of Federal Securities Laws by Citizens, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Citizens, Inc. (NYSE:CIA) have certain options and for certain investors are short and strict deadlines running. Deadline: May 15, 2017. NYSE:CIA investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff claims that between March 11, 2015 and March 8, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Citizens' brokers and pitchbooks falsely claimed that most of the funds from its insurance policies were directly invested in U.S. Treasury Bond, that funds from Citizens' insurance policies were funneled into continuous open market purchases that inflated Citizens' stock price, and that as a result, defendants' statements about Citizens' business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On March 8, 2017, an article was published stating 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 that will secure retirements." But, the article charged, a portion of premiums paid by policyholders is sent to Citizens's transfer agent to make open market purchases of Citizens stock – thus artificially propping up Citizens's stock price. Shares of Citizens, Inc. (NYSE:CIA) declined from $10.17 in February 2017 to as low as $7.12 per share on March 8, 2017.
Those who purchased shares of Citizens, Inc. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego