NEW YORK--(BUSINESS WIRE)--Pomerantz LLP announces that a class action lawsuit has been filed against MetLife, Inc. (“MetLife” or the “Company”) (NYSE:MET) and certain of its officers. The class action, filed in United States District Court, for the Eastern District of New York, is on behalf of a class consisting of investors who purchased or otherwise acquired MetLife securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased MetLife securities between February 27, 2013, and January 29, 2018, both dates inclusive, you have until April 6, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
MetLife provides life insurance, annuities, employee benefits, and asset management products in the United States and internationally.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, 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.
On December 15, 2017, during aftermarket hours, the Company filed a Form 8-K with the 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.
On December 15, 2017, the Wall Street Journal published an article entitled “MetLife Discloses Failure to Pay Thousands of Workers’ Pensions” which discussed the extent and duration of MetLife’s failure to pay pension benefits.
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, damaging investors.
On January 29, 2018, MetLife issued a press release entitled “MetLife Preannounces Preliminary Fourth Quarter 2017 Earnings, Reschedules Earnings Release and Conference Call”, which announced that MetLife would reschedule its earnings releases and conference calls for the fourth quarter of and full year 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.
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, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com