NEW YORK, April 24, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Lincoln National Corporation (NYSE: LNC)?
- Did you purchase your shares between November 4, 2020 and November 2, 2022, inclusive?
- Did you lose money in your investment in Lincoln National Corporation?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Lincoln National Corporation (“Lincoln National” or the “Company”) (NYSE: LNC) between November 4, 2020 and November 2, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Lincoln National securities, and/or would like to discuss your legal rights and options please visit Lincoln National Corporation Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Defendants failed to disclose to investors that: (1) the Company was experiencing a decline in its variable universal life insurance business; (2) the goodwill associated with the life insurance business was overstated; (3) the Company’s policy lapse assumptions were outdated; (4) the Company’s reserves were overstated; and (5) the Company’s reported financial results and financial statements were misstated.
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 that “[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.
If you wish to serve as lead plaintiff, you must move the Court no later than June 24, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Lincoln National securities, and/or would like to discuss your legal rights and options please visit Lincoln National Corporation Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
