Lawsuit Overview
Settlement Overview
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June 8, 2020 - A stipulation of settlement was filed by the parties.
March 12, 2020 - A settlement in principle was reached by the parties.
September 11, 2018 - The court granted in part and denied in part defendants' motion to dismiss.
November 10, 2016 - The court granted in part and denied in part defendants' motion to dismiss.
August 23, 2013 - A motion to dismiss the second amended was filed.
July 10, 2013 - The court granted the lead plaintiff's motion for leave to file a second amended complaint.
February 28, 2013 -The court granted in part and denied in part the defendants' motion to dismiss.
August 3, 2012 - A motion to dismiss the amended complaint was filed.
May 14, 2012 - An amended complaint was filed.
January 12, 2012 - An investor in shares of Metlife Inc (NYSE: MET) filed a lawsuit in U.S. District Court for the Southern District of New York against Metlife Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 2, 2010 and October 6, 2011.
According to the complaint the plaintiff alleges on behalf of purchasers of Metlife Inc (NYSE: MET) common stock during the period between February 2, 2010 and October 6, 2011, that Metlife Inc and certain of its officers and directors violated the Securities Exchange Act of 1934. The complaint alleges that between February 2, 2010 and October 6, 2011 defendant issued materially false and misleading statements regarding Metlife inc's business and financial results. Specifically, the plaintiff alleges that as a result of Metlife Inc's death benefits practices and procedures between February 2, 2010 and October 6, 2011, defendants caused Metlife Inc to issue allegedly materially false and misleading statements concerning Metlife Inc’s current and future financial condition and its potential liability to policyholders, their beneficiaries or relevant state authorities for millions of dollars in benefits that should have been paid out to policyholders or escheated to the states.
On August 5, 2011, Metlife Inc disclosed in its Form 10-Q filed with the U.S. Securities and Exchange Commision (“SEC”) that regulatory investigations into its death benefits practices could result in additional escheatment to the states and administrative penalties, the costs of which could be substantial.
Then, on October 6, 2011, Metlife Inc filed a Form 8-K with the SEC, stating among other things that it would take at least a $115 million after-tax charge to increase its reserves in connection with its death benefits practices. Metlife Inc reported that its annual Revenue rose from $41.05 billion for 2009 to $52.71 billion in 2010 and its Net Loss of $2.24 billion in 2009 turned into a Net Income of $2.79 billion in 2010. For the third quarter 2011 Metlife Inc reported an increase in its third quarter Revenue from $12.33 billion for its third quarter 2010 to $20.45 billion in 2011 and its third quarter Net Income surged from $316 million in 2010 to $3.58 billion in 2011. Shares of Metlife Inc (NYSE: MET) rose from as low as $12.22 in March 2009 to over $48 per share in February 2011. However since February 2011 Metlife Inc (NYSE: MET) shares fell to under $30 in early October 2011. Metlife Inc (NYSE: MET) shares recently closed slightly under $36 per share.