NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of those who acquired Lincoln National Corporation (“Lincoln National” or the “Company”) (NYSE: LNC) securities during the period of November 4, 2020 to November 2, 2022, inclusive (“the Class Period”). Investors have until June 24, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
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 third quarter of 2021 the previous year. Lincoln National 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 [deferred acquisition costs] and reserve assumptions” and also disclosed that it “incurred a $634 million goodwill impairment to the life insurance business.” On this news, the price of Lincoln National shares declined by $17.27 per share, or approximately 33.2%, from $51.20 per share on November 2, 2022 to close at $34.83 per share on November 3, 2022.
The lawsuit alleges that Lincoln National throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Lincoln National was experiencing a decline in its variable universal life insurance business; (ii) as a result, the goodwill associated with the life insurance business was overstated; (iii) consequently, Lincoln National’s policy lapse assumptions were outdated; (iv) thus, Lincoln National’s reserves were overstated; and (v) as such, Lincoln National’s reported financial results and financial statements were misstated.
If you purchased or otherwise acquired Lincoln National securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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