NEW YORK, March 4, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Cigna Corporation ("Cigna" or the "Company") (NYSE: CI) and certain of its officers. The class action, filed in United States District Court, District of Connecticut, and docketed under 16-cv-00182, is on behalf of a class consisting of all persons or entities who purchased Cigna securities between February 27, 2014 and January 21, 2016 inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Cigna securities during the Class Period, you have until April 6, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Cigna, a health services organization, provides insurance and related products and services in the United States and internationally. The Company distributes its products and services through insurance brokers and insurance consultants or directly to employers, unions, and other groups, as well as through the direct response television and the Internet.
The Complaint alleges that throughout the Class Period Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Cigna's appeals and grievances procedures were not in compliance with federal standards; (ii) Cigna's noncompliance with federal standards posed a serious threat to the health and safety of Medicare beneficiaries; and (iii) as a result of the foregoing, Cigna's public statements were materially false and misleading at all relevant times.
On January 22, 2016, pre-market, Cigna filed a Form 8-K with the SEC, disclosing, that on January 21, 2016, Cigna was notified by the Centers for Medicare & Medicaid Services of its intent to impose intermediate sanctions suspending the enrollment of and marketing to new customers of all Cigna Medicare Advantage and Standalone Prescription Drug Plan Contracts, effective at 11:59 p.m. on January 21, 2016, citing deficiencies in Cigna's operations of its Parts C and D appeals and grievances, Part D formulary and benefit administration, and compliance program.
On this news, Cigna stock fell from $140.13 on Thursday, January 21, 2016 to close at $135.85 on Monday, January 25, 2016, a two-day drop of $4.28.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP firstname.lastname@example.org
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