STEVENSON, Md., Feb. 09, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Connecticut on behalf of purchasers of Cigna Corporation (NYSE:CI) (“Cigna” or the “Company”) securities during the period between February 27, 2014 and January 21, 2016, inclusive (the “Class Period”). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until April 6, 2016 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Cigna securities purchased on or after February 27, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Cigna’s appeals and grievances procedures were not in compliance with federal standards and Cigna’s noncompliance with federal standards posed a serious threat to the health and safety of Medicare beneficiaries.
According to the complaint, following the January 22, 2016 Company disclosure that Cigna had been 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, the value of Cigna shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.