NEW YORK, April 26, 2017 /PRNewswire/ -- Scott+Scott, Attorneys at Law, LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, reminds investors that May 15, 2017 is the last day to file lead plaintiff papers in the securities lawsuit against Citizens, Inc. ("Citizens" or the "Company") (NYSE: CIA). If you are a Citizens shareholder, you are encouraged to contact Scott+Scott for more information.
Citizens, Inc. is an insurance holding company that offers insurance products and services, including life, health, property, and casualty insurance. Citizens is traded on the New York Stock Exchange ("NYSE") under the ticker symbol "CIA."
According to the lawsuit, Citizens 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 stating 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 over the next two trading days – over 5% – to close at $8.00 on March 9, 2017, harming investors.
What You Can Do
If you purchased or acquired shares of Citizens, Inc. between March 11, 2015 through March 8, 2017 and you wish to discuss this lawsuit, or have questions about this notice or your legal rights, please contact attorney Rhiana Swartz toll free at (844) 818-6980 or at firstname.lastname@example.org. Shareholders have until May 15, 2017 to petition the court for lead plaintiff status.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
Scott+Scott, Attorneys at Law, LLP
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SOURCE Scott+Scott, Attorneys at Law, LLP