The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Citizens, Inc. (NYSE: CIA) who purchased shares between March 11, 2015 and March 8, 2017. The action, which was filed in the United States District Court for the Western District of Texas , alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) Citizens’ brokers and pitchbooks falsely claimed that most of the funds from its insurance policies were directly invested in U.S. Treasury Bonds; (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.
Shareholders have until May 15, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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