NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into MetLife Inc. (NYSE: MET).
On January 29, 2018, the Company disclosed “a material weakness in internal controls over financial reporting” that caused reserves to be reduced incorrectly in relation to outstanding payouts for annuity and pension recipients. As a result, the Company had postponed the release of its Q4 earnings report and expected to increase reserves by $525 million and $575 million, decreasing its Q4 earnings by $135 million to $165 million and 2017 profits by $165 million to $195 million. MetLife also revealed an ongoing SEC investigation into the issues surrounding the outstanding pension payments.
On this news, the price of MetLife’s shares plummeted.
KSF’s investigation is focusing on whether MetLife and/or its officers and directors violated state or federal securities laws.
If you are a MetLife shareholder and have suffered losses, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or visit http://ksfcounsel.com/cases/nyse-met/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include the former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.