On or around 10/30/2017 (Other)
Filing Date: February 04, 2016
According to the law firm press release, 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 May 17, 2016, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated complaint on August 1. A second amended complaint was filed on November 30.
On September 28, 2017, the Court issued an Order granting Defendants' Motion to Dismiss with prejudice. On October 27, a Notice of Appeal of this decision was filed.
Company & Securities Information
Defendant: Cigna Corporation
Industry: Insurance (Accident & Health)
Headquarters: United States
Ticker Symbol: CI
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Jyotindra Patel, et al. v. Cigna Corporation, et al.