NEW ORLEANS, May 08, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until June 24, 2024 to file lead plaintiff applications in a securities class action lawsuit against Lincoln National Corporation (NYSE: LNC), if they purchased or otherwise acquired the Company’s securities between November 4, 2020 and November 2, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of Pennsylvania.
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Lincoln National investors should visit us at https://claimsfiler.com/cases/nyse-lnc/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Lincoln National and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 2, 2022, post-market, the Company released its 3Q 2022 financial results, disclosing a net loss of $2.6 billion for the quarter, compared to a net income of $318 million for the third quarter of 2021 the previous year, due to “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,” and that the Company “incurred a $634 million goodwill impairment to the life insurance business.”
On this news, the price of Lincoln’s shares fell by $17.27, or 33.2%, to close at $34.83 per share on November 3, 2022, on unusually heavy trading volume.
The case is Meade v. Lincoln National Corporation, et al., No. 24-cv-01704.
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