NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in MetLife, Inc. (“MetLife” or the “Company”) (NYSE:MET) of the April 6, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in MetLife stock or options between February 27, 2013 and January 29, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/MET. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased MetLife securities between February 27, 2013 and January 29, 2018 (the “Class Period”). The case, Parchmann v. MetLife, Inc. et al, No. 1:18-cv-00780 was filed on February 5, 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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, the Company’s statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
Specifically, aftermarket on December 15, 2017, the Company filed a Form 8-K with the Securities and Exchange Commission (“SEC”) announcing that the Company has not been able to locate some of the Company’s annuitant population and that it plans to provide an update upon the filing of the Form 10-K for the year ending December 31, 2017. Then, on January 29, 2018, MetLife issued a press release announcing that it had to reschedule the earnings releases and conferences calls for the fourth quarter 2017 and the full year 2017, that the Company identified material weaknesses in its internal controls, that the Company would have to make revisions to prior financial statements, and that the SEC and New York Department of Financial Services made inquiries to the Company.
On this news and over the next two trading days, MetLife’s share price fell from $54.40 per share on January 29, 2018 to a closing price of $48.07 on January 31, 2018—a $6.33 or a 11.64% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding MetLife’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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