April 27, 2016 (Shareholders Foundation) - An investor in shares of CIGNA Corporation (NYSE:CI) filed a lawsuit against certain directors of Cigna Corporation over alleged breaches of fiduciary duties.

The plaintiff alleges that the defendants breached their fiduciary duties owed to current investors in NYSE:CI shares. The lawsuit against directors follows a lawsuit recently filed against CIGNA Corporation over alleged securities laws violations. The plaintiff in that lawsuit alleges that the Defendants made allegedly false and/or misleading statements and/or failed to disclose that Cigna’s appeals and grievances procedures were not in compliance with federal standards, that Cigna’s noncompliance with federal standards posed a serious threat to the health and safety of Medicare beneficiaries, and that as a result of the foregoing, Cigna’s public statements were materially false and misleading at all relevant times.

On January 22, 2016, CIGNA Corporation announced that on January 21, 2016 it was notified by the Centers for Medicare & Medicaid Services ( CMS ) 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.

On February 4, 2016, NYSE:CI shares closed at $134.77 per share.