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Metlife Inc (NYSE: MET) Investor Securities Class Action Lawsuit 02/05/2018

  • If you purchased shares of Metlife Inc (NYSE:MET), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
MetLife, Inc.
Security
NYSE: MET

Case Name
MetLife Shareholder Class Action Lawsuit 02/05/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

January 12, 2021 - The case was dismissed.

January 11, 2021 - The court granted the defendants' motion to dismiss.

August 12, 2019 - A motion to dismiss the fourth amended complaint was filed.

July 22, 2019 - A fourth amended complaint was filed.

February 6, 2019 - A third amended complaint was filed.

January 8, 2019 - A second amended complaint was filed.

December 18, 2018 - An amended complaint was filed.

February 5, 2018 - An investor in shares of Metlife Inc (NYSE: MET) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Metlife Inc in connection with certain allegedly false and misleading statements made between February 27, 2013 and January 29, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Metlife Inc (NYSE: MET) common shares between February 27, 2013 and January 29, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 27, 2013 and January 29, 2018, the defendants made false and/or misleading statements and/or failed to disclose that: (1) MetLife Inc’s practices and procedures used to estimate its reserves set aside for annuity and pension payments were inadequate; (2) MetLife Inc had inadequate internal controls over financial reporting; and (3) as a result, defendants’ statements about MetLife Inc’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Metlife Inc reported that its annual Total Revenue declined from over $70.04 billion in 2015 to over $63.6 billion in 2016 and that its Net Income of $5.31 billion in 2015 decreased to $800.00 million in 2016.

On January 29, 2018, post-market, Metlife Inc announced that it would postpone its fourth-quarter earnings announcement, citing a material weakness in its financial reporting. In addition, Metlife Inc advised investors that it expected to increase total reserves between $525 million and $575 million on a pre-tax basis to cover certain annuity recipients who have been unresponsive or missing over time.