NEW YORK, March 22, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that it has filed a federal securities class action lawsuit in the United States District Court for the Western District of Texas on behalf of purchasers of Citizens, Inc. securities (NYSE: CIA ) from March 11, 2015 through March 8, 2017, both dates inclusive (the “Class Period”).
Investors who have incurred losses in the shares of Citizens, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased shares of Citizens, Inc. and would like to assist with the litigation process, you may, no later than May 15, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
According to the filed company, 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 posted 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 artificially inflated 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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
