Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lincoln National Corporation (LNC)

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming June 24, 2024 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Lincoln National Corporation (“Lincoln National” or the “Company”) (NYSE: LNC) securities between November 4, 2020 and November 2, 2022, inclusive (the “Class Period”).

Investors suffering losses on their Lincoln National investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at [phone] or by email to [e-mail].

On November 2, 2022, after the market closed, Lincoln National released its third quarter 2022 financial results, reporting a net loss of $2.6 billion for the quarter. This was compared to a net income of $318 million for the third quarter of 2021 the previous year. The Company explained “[t]he current quarter’s adjusted operating results included net unfavorable notable items of $2.0 billion, or $11.62 per share, related to the company’s annual review of DAC and reserve assumptions.” The Company also disclosed that it “incurred a $634 million goodwill impairment to the life insurance business.”

On this news, Lincoln’s stock price fell $17.27, or 33.2%, to close at $34.83 per share on November 3, 2022, on unusually heavy trading volume.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company was experiencing a decline in its VUL business; (2) that, as a result, the goodwill associated with the life insurance business was overstated; (3) that, as a result, the Company’s policy lapse assumptions were outdated; (4) that, as a result, the Company’s reserves were overstated; (5) that, as a result, the Company’s reported financial results and financial statements were misstated; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you purchased or otherwise acquired Lincoln National securities during the Class Period, you may move the Court no later than June 24, 2024 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at [phone], toll-free at [phone], or by email to [e-mail], or visit our website at www.howardsmithlaw.com.

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