SAN FRANCISCO--(BUSINESS WIRE)--The law firm Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the publicly traded securities of MetLife, Inc. (“MetLife” or the “Company”) (NYSE: MET) between February 27, 2013 and January 29, 2018, inclusive (the “Class Period”).
If you purchased or otherwise acquired publicly traded MetLife securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than April 6, 2018. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the litigation.
MetLife investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the MetLife Securities Class Litigation
MetLife, headquartered in New York City, is a provider of life insurance, annuities, employee benefits, and asset management products in the United States and internationally.
The action alleges that defendants misrepresented or failed to disclose that (1) practices and procedures MetLife 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’ Class Period statements about MetLife’s business, operations, and prospects were materially false or misleading when made. Plaintiffs further allege that when the true facts emerged, investors suffered damages as a result of defendants’ misstatements and omissions.
On December 15, 2017, MetLife filed a Form 8-K announcing that the Company could not locate some plan beneficiaries who were owed money, and that the Company planned to provide an update on the matter in its year-end Form 10-K. Also that day, The Wall Street Journal reported that MetLife failed to pay monthly pension benefits to “possibly tens of thousands of workers,” citing analysts who believed the payments “could be 10 or more years overdue.” Over the next two trading days, the price of MetLife stock fell $0.62 per share, or more than 1.2%, to close at $50.79 on December 19, 2017.
On January 29, 2018, MetLife announced it would reschedule earnings releases and conference calls related to its fourth quarter and full year 2017 results, that the Company identified material weaknesses in its internal controls, that it would revise prior financial statements, and that the SEC and New York Department of Financial Services had contacted the Company. Over the next two trading days, the price of MetLife stock fell $6.28 per share, or more than 11.6%, to close at $47.67 on January 31, 2018.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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