Robbins Arroyo LLP Is Investigating the Officers and Directors of Citizens, Inc. (CIA) on Behalf of Shareholders

Business Wire

SAN DIEGO & AUSTIN, Texas--(BUSINESS WIRE)-- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Citizens, Inc. (NYSE: CIA) breached their fiduciary duties to shareholders. Citizens, through its subsidiaries, provides life insurance products in the United States and internationally.

View this press release on the firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/citizens-inc-dec-2017/

Citizens Accused of Engaging in Ponzi Stock Scheme

A securities class action complaint has been filed against Citizens. The complaint is brought on behalf of all purchasers of Citizens securities between March 11, 2015 and April 27, 2017, for alleged violations of the Securities Exchange Act of 1934 by Citizens' officers and directors. According to the complaint, Citizens uses deceptive marketing practices to lure clients into purchasing insurance policies. While Citizens' brokers masque themselves as financial advisors with international licenses, they permit Citizens' sales associates to input inaccurate stock projection information into marketing collateral distributed to their clients. Moreover, the multilevel marketing sales force has continuously marketed the policies as tax-exempt even after the company officially recognized that the majority of its policies are not tax-exempt. As a result, Citizens' stock price was artificially inflated until March 8, 2017, when it was reported that the company was under investigation by the U.S. Securities and Exchange Commission and Internal Revenue Service for its unlawful business practices.

Citizens Shareholders Have Legal Options

Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.

Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.

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