Pomerantz Law Firm Announces the Filing of a Class Action Against Cigna Corporation and Certain Officers – CI
February 04 2016 - 5:20PM
Pomerantz LLP announces that a class action lawsuit has been filed
against Cigna Corporation (“Cigna” or the “Company”) (NYSE:CI) and
certain of its officers. The class action, filed in
United States District Court, District of Connecticut, and docketed
under 16-cv-00182, is on behalf of a class consisting of all
persons or entities who purchased Cigna securities between February
27, 2014 and January 21, 2016 inclusive (the “Class Period”).
This class action seeks to recover damages against Defendants for
alleged violations of the federal securities laws under the
Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Cigna
securities during the Class Period, you have until April 6, 2016 to
ask the Court to appoint you as Lead Plaintiff for the class.
A copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
Cigna, a health services organization, provides
insurance and related products and services in the United States
and internationally. The Company distributes its products and
services through insurance brokers and insurance consultants or
directly to employers, unions, and other groups, as well as through
the direct response television and the Internet.
The Complaint alleges that throughout the Class
Period Defendants made materially false and misleading statements
regarding the Company’s business, operational and compliance
policies. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (i) Cigna’s appeals and
grievances procedures were not in compliance with federal
standards; (ii) Cigna’s noncompliance with federal standards posed
a serious threat to the health and safety of Medicare
beneficiaries; and (iii) as a result of the foregoing, Cigna’s
public statements were materially false and misleading at all
relevant times.
On January 22, 2016, pre-market, Cigna filed a
Form 8-K with the SEC, disclosing, that on January 21, 2016, Cigna
was notified by the Centers for Medicare & Medicaid Services 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,
effective at 11:59 p.m. on January 21, 2016, citing deficiencies in
Cigna's operations of its Parts C and D appeals and grievances,
Part D formulary and benefit administration, and compliance
program.
On this news, Cigna stock fell from $140.13 on
Thursday, January 21, 2016 to close at $135.85 on Monday, January
25, 2016, a two-day drop of $4.28.
The Pomerantz Firm, with offices in New York,
Chicago, Florida, and Los Angeles, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust
class litigation. Founded by the late Abraham L. Pomerantz, known
as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he
established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The
Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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