RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased MetLife, Inc. (NYSE: MET) (“MetLife” or the “Company”) securities between February 27, 2013, and January 29, 2018, inclusive (the “Class Period”).
MetLife shareholders may, no later than April 6, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of MetLife and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
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. Also 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.
If you are a member of the class, you may, no later than April 6, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.