Period: Mar 11, 2015 to Mar 8, 2017
Lead Plaintiff Deadline: May 15, 2017
Summary of Case:
A securities class action has been filed against Citizens, Inc. (NYSE:CIA) on behalf of purchasers of Citizens securities between March 11, 2015 through March 8, 2017. This case has been filed in the USDC - TX Western.
The Complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or 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) 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, Seeking Alpha published an article asserting that Citizens sells insurance policies to foreign retail investors and retirees with promises that they are backed by U.S. Treasury bonds even though such policies actually funnel millions of dollars into open market purchases of Citizens' shares and inflate the value of such shares. On this news shares of Citizens fell $0.45 per share or over 5% over the next two trading days to close at $8.00 per share on March 9, 2017, damaging investors.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.