NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all persons or entities who purchased or otherwise acquired MetLife, Inc. (NYSE:MET) securities between February 27, 2013 and January 29, 2018 (the “Class Period”). Investors have until April 6, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On January 29, 2018, after the market closed, MetLife announced it had postponed its earnings report and conference call related to its results for the fourth quarter and full year ended Dec. 31, 2017. They further announced that the company has determined the prior release of group annuity reserves resulted from a material weakness in internal control over financial reporting, and that they expect the full year 2017 net income impact to be between $165 million and $195 million pre-tax.
It was also disclosed that the U.S. Securities and Exchange Commission enforcement staff has made an inquiry regarding MetLife’s review of its processes and procedures for identifying unresponsive and missing policyholders and beneficiaries for certain insurance and annuity products it offers.
Following this news, the stock price of MetLife fell $6.28 per share over the next two trading days, or over 9%, to close at $47.67 on January 31, 2018.
The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) MetLife’s practices and procedures used to estimate its reserves set aside for annuity and pension payments were inadequate; (2) MetLife had inadequate internal controls over financial reporting; and (3) as a result, defendants’ statements about MetLife’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired MetLife securities and suffered a loss, continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the MetLife, Inc. lawsuit, please go to http://www.bespc.com/met. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.