LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of MetLife, Inc. (“MetLife” or the “Company”) (NYSE: MET) securities between February 27, 2013, and January 29, 2018, inclusive (the “Class Period”). MetLife investors have until April 6, 2018 to file a lead plaintiff motion.
To obtain information or actively participate in the class action, please visit the MetLife page on our website at www.glancylaw.com/case/metlife-inc. Investors that suffered losses on their MetLife investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
On January 29, 2018, MetLife announced it postponed the Company’s 2017 earnings report and conference call, citing “material weakness” in its financial reporting. MetLife also disclosed that it expected to increase its annuity reserves in total between $525 million and $575 million. 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, thereby injuring investors.
The Complaint filed in this class action 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.
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If you purchased shares of MetLife during the Class Period you may move the Court no later than April 6, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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