STEVENSON, Md.--(BUSINESS WIRE)--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 Eastern District of New York on behalf of purchasers of MetLife, Inc. (NYSE: MET) (“MetLife” or the “Company”) securities during the period between February 27, 2013 and January 29, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until April 6, 2018 to seek appointment as 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 MetLife securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
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 MetLife’s practices and procedures used to estimate its reserves set aside for annuity and pension payments were inadequate and MetLife had inadequate internal controls over financial reporting.
According to the complaint, following a December 15, 2017 filing with the U.S. Securities and Exchange Commission (“SEC”) announcing that the Company had been unable to locate some of the Company’s annuitant population and planned to provide an update upon the filing of MetLife’s Form 10-K for the year ending December 31, 2017; a December 15, 2017 article which discussed the extent and duration of MetLife’s failure to pay pension benefits; and, a January 29, 2018 press release announcing that MetLife would reschedule its earnings releases and conference calls for the fourth quarter of and full year of 2017, that the Company had identified material weaknesses in its internal controls, that the Company would have to revise certain of its prior financial statements, and that the SEC and New York Department of Financial Services had made inquiries to MetLife with respect to the foregoing issues, the value of MetLife shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in MetLife securities purchased on or after February 27, 2013 and held through the revelation of negative information during and/or at the end of the Class Period 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 contact Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
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.