NEW YORK, March 8, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Citizens, Inc. ("Citizens" or the "Company") (NYSE: CIA). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Citizens and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 8, 2017, Seeking Alpha published a report alleging that despite 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 Seeking Alpha report further stated that "[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."
On this news, Citizens' share price has fallen as much as $1.33, or 15.74%, during intraday trading on March 8, 2017.
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 80 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
Robert S. Willoughby
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SOURCE Pomerantz LLP