The Shareholders Foundation announces that an investor, who purchased NYSE:CIA shares filed a lawsuit against Citizens, Inc. over alleged Securities Laws violations.
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 mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Citizens, Inc. (NYSE:CIA) common shares between March 11, 2015 and March 8, 2017, that the defendants violated Federal Securities Laws. More specifically, 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.
Citizens, Inc. reported that its annual Total Revenue rose from $230.22 million in 2014 to $236.27 million in 2015 and that its Net Loss declined from $6.50 million in 2014 to $3.58 million in 2015. Shares of Citizens, Inc. (NYSE:CIA) grew from $6.40 per share in February 2016 to as high as $10.77 per share in December 2016.
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 NYSE:CIA shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
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