Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Cigna Corp. To Contact The Firm Before Imminent Lead Plaintiff Deadline
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.
If you invested in Cigna securities between February 27, 2014 and January 21, 2016 and would like to discuss your legal rights, please fill out the form below. 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 firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Cigna’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.