Lincoln National Corporation Investors: Class action lawsuit filed on behalf of investors; the Portnoy Law Firm
Investors can contact the law firm at no cost to learn more about recovering their losses.
/EIN News/ -- LOS ANGELES, June 17, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Lincoln National Corporation (NYSE: LNC) investors that a class action has been filed on behalf of investors. Lincoln investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Lincoln National is a holding company that operates various insurance and retirement businesses through its subsidiaries.
The Lincoln National class action lawsuit claims that during the Class Period, the defendants made false and/or misleading statements or failed to disclose: (i) a decline in Lincoln National's variable universal life insurance business; (ii) the overstatement of goodwill associated with the life insurance business; (iii) outdated policy lapse assumptions; (iv) overstated reserves; and (v) misstated financial results and statements.
The lawsuit further alleges that on November 2, 2022, Lincoln National reported a net loss of $2.6 billion for the third quarter of 2022, compared to a net income of $318 million for the same period in 2021. Lincoln National attributed this to net unfavorable notable items of $2.0 billion, or $11.62 per share, related to the company’s annual review of deferred acquisition costs and reserve assumptions. The company also disclosed a $634 million goodwill impairment to the life insurance business. Following this news, Lincoln National’s stock price fell by more than 33%, according to the lawsuit.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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