Bronstein, Gewirtz & Grossman LLC Reminds Lincoln National Corporation Investors to Join the Class Action!

NEW YORK, NY / ACCESSWIRE / June 23, 2024 / Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that it has filed a class action lawsuit against Lincoln National Corporation (“Lincoln National” or the “Company”) (NYSE:LNC) and certain of its officers.

Class definition:

This lawsuit seeks to recover damages from Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Lincoln National securities between November 4, 2020 and November 2, 2022, inclusive. (“Collective Period”). We encourage such investors to join this cause by visiting the company’s website: bgandg.com/LNC.

Case details:

According to the Lincoln National class action lawsuit, Lincoln National is a holding company that operates multiple insurance and retirement companies through subsidiaries. “Lincoln Financial Group” is the marketing name of Lincoln National and its subsidiaries. The Life Insurance segment’s operations include universal life insurance (“UL”), variable universal life insurance (“VUL”) and indexed universal life insurance (“IUL”), some of which include secondary guarantees.

According to the complaint, 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 compared to net income of $318 million for the third quarter of 2021 last year. The company explained that “adjusted results of operations for the current quarter included unfavorable and material net items of $2.0 billion, or $11.62 per share, related to the annual DAC (i.e., deferred acquisition cost) review and assumptions regarding reserves. The company also disclosed that it “recorded a $634 million impairment of goodwill in its life insurance business.”

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

The complaint alleged that throughout the period covered by the lawsuit, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. In particular, the defendants failed to disclose to investors:

(1) that the Company was experiencing a deterioration in its VUL business;

(2) that, as a result, the goodwill associated with the life insurance business was inflated;

(3) as a result, the Company’s policies have become obsolete;

(4) as a result, the Company’s reserves were overstated;

(5) 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 misleading and/or lacked a reasonable basis.

What’s next?

A class action lawsuit has already been filed. If you would like to review a copy of the Complaint, you may visit the firm’s website: bgandg.com/LNC or contact Peretz Bronstein, Esq. or his client relations manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC, at 332-239-2660. If you have suffered a loss at Lincoln National, you have until June 24, 2024 to ask the Court to appoint you as lead plaintiff. Your ability to share in any recovery does not require you to be a lead plaintiff.

There are no costs for you

We represent investors in class action proceedings for a contingency fee. This means that we will only ask the court for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total amount recovered, if we win.

Why Bronstein, Gewirtz and Grossman:

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm representing investors in securities fraud class actions and shareholder derivative actions. Our company has recovered hundreds of millions of dollars for investors across the country.

Attorney advertising. Past performance does not guarantee similar results.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller,
332-239-2660 | (email protected)

SOURCE: Bronstein, Gewirtz & Grossman, LLC