NEW YORK, NY--(Marketwired - March 29, 2016) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Cigna Corp. ("Cigna" or the "Company") (NYSE: CI) of the April 6, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Connecticut on behalf of all those who purchased Cigna securities between February 27, 2014 and January 21, 2016 (the "Class Period"). The case, Patel v. Cigna Corp et al, No. 3:16-cv-00182 was filed on February 4, 2016 and has been assigned to Judge Vanessa L. Bryant.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company's appeals and grievances procedures were not in compliance with federal standards subsequently posing a serious threat to the health and safety of Medicare beneficiaries.
Specifically, in the 10-K filed on January 22, 2016, the Company announced that it had received an enforcement letter from the Department of Health & Human Services Centers for Medicare & Medicare Services ("CMS") citing noncompliant appeals and grievances procedures within the Company dating back to at least as early as 2013. Furthermore, CMS has imposed intermediate sanctions on the Company by suspending the enrollment of and marketing to new customers of all Cigna Medicare Advantage and Standalone Prescription Drug Plan Contracts.
After the announcement, Cigna's share price fell from a closing price of $140.13 per share on January 21, 2016 to a closing price of $135.85 on January 25, 2016 -- a $4.28 or a 3% drop.
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Take Action
If you invested in Cigna securities between February 27, 2014 and January 21, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/CI. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Cigna's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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