NEW YORK--(BUSINESS WIRE)--Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against MetLife, Inc. (NYSE:MET) (“MetLife” or the “Company”) and certain of its officers, related to alleged violations of federal securities laws. If you purchased shares of MetLife common stock between February 27, 2013 and January 29, 2018, you are encouraged to a contact a Scott+Scott attorney at (844) 818-6982 for additional information.
MetLife provides life insurance, annuities, employee benefits, and asset management products in the United States and internationally.
The lawsuit alleges that Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies; specifically, 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, statements about MetLife’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
On December 15, 2017, after-market, MetLife announced that the Company had been unable to locate some of the Company’s annuity beneficiaries and the Wall Street Journal published an article regarding the disclosure. On this news, shares of MetLife fell $0.62 per share, or over 1.2%, over the following two trading days to close at $50.79 per share on December 19, 2017.
On January 29, 2018, after-market, MetLife announced it would reschedule its earnings releases for fourth quarter and full year 2017, due to “material weaknesses” in its internal controls. The Company also advised it would have to revise certain of its prior financial statements, and that the Securities and Exchange Commission and the New York Department of Financial Services had made related inquiries.
On this news, shares of MetLife fell $6.28 per share or over 11.6% over the next two trading days to close at $47.67 per share on January 31, 2018.
What You Can Do
If you purchased MetLife stock between February 27, 2013, and January 29, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org. Investors have until April 6, 2018, to move for lead plaintiff.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.