LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation on behalf of Prudential Financial, Inc. (“Prudential” or the “Company”) (NYSE: PRU) investors concerning the Company and its officers’ possible violations of federal securities laws.
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On August 1, 2019, Prudential revealed a $208 million charge to its second quarter 2019 earnings due to changes in mortality assumptions in its Individual Life business segment. Additionally, the Company revealed that the change in mortality assumptions would negatively impact quarterly earnings by $25 million for the foreseeable future.
On this news, Prudential's stock price fell $10.22, or over 10%, to close at $91.09 per share on August 1, 2019, thereby injuring investors.
Then on August 2, 2019, Prudential disclosed that the Individual Life segment declined by $178 million over the prior year period, primarily due to the $208 million charge.
On this news, Prudential's stock price fell $2.53, or over 5%, to close at $88.56 per share on August 2, 2019, thereby injuring investors further.
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If you purchased Prudential securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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