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Citizens Inc (NYSE: CIA) Investor Securities Class Action Lawsuit 03/16/2017

  • If you purchased shares of Citizens Inc (NYSE: CIA), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Citizens, Inc.
Security
NYSE: CIA

Case Name
Citizens Shareholder Class Action Lawsuit 03/16/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Western District of Texas

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Class Period End
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Summary

May 29, 2018 - The court granted defendants' motion to dismiss..

September 28, 2017 - A motion to dismiss the amended complaint was filed.

July 31, 2017 - An amended complaint was filed.

March 16, 2017 - An investor in shares of Citizens Inc (NYSE: CIA) filed a lawsuit in the U.S. District Court for the Western District of Texas over alleged violations of Federal Securities Laws by Citizens Inc in connection with certain allegedly false and misleading statements made between March 11, 2015 and March 8, 2017.

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 Inc’s 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 Inc’s insurance policies were funneled into continuous open market purchases that inflated Citizens Inc’s stock price, and that as a result, defendants’ statements about Citizens Inc’s 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 Inc’s transfer agent to make open market purchases of Citizens Inc stock – thus artificially propping up Citizens Inc’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.