Lawsuit Overview
Settlement Overview
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June 20, 2016 - The court preliminarily approved the settlement.
April 19, 2016 - Parties filed a stipulation of settlement.
February 6, 2014 - The court denied in part and granted in part defendants' motion to dismiss.
June 28, 2013 - Defendants filed a motion to dismiss.
May 6, 2013 - The lead plaintiffs filed an amended consolidated complaint.
March 21, 2013 - Lead plaintiffs and lead counsel were appointed.
October 22, 2012 - Lead plaintiff motions were filed.
August 22, 2012 - An investor in shares of Prudential Financial Inc (NYSE: PRU) filed a lawsuit in the U.S. District Court for the District of New Jersey against Prudential Financial Inc over alleged violations of Federal Securities Law in connection with certain allegedly false and misleading statements made between May 5, 2010 and November 2, 2011.
According to the complaint the plaintiff alleges on on behalf of purchasers of Prudential Financial Inc (NYSE: PRU) common stock, that Prudential Financial Inc (NYSE: PRU) and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements concerning Prudential Financial Inc’s current and future financial condition, including its reserves 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, and the extent of the Prudential Financial Inc’s exposure to claims of state and federal law violations.
Prudential Financial Inc (NYSE: PRU) reported that its annual Revenue rose from over $28 billion in 2008 to over $49 billion in 2011 and its Net Loss of over $1.11 billion in 2008 turned into a Net Income of over $3.63 billion in 2011. Shares of Prudential Financial Inc (NYSE: PRU) grew from as low as $11.38 per share in March 2009 to over $67 per share in February 2011.
On August 5, 2011, Prudential Financial Inc said in a filing with the Securities and Exchange Commission (“SEC”) that Prudential Financial Inc is currently being examined by a third party auditor on behalf of 33 U.S. jurisdictions for compliance with the unclaimed property laws of these jurisdictions and that Prudential Financial Inc is among the several companies that had been subpoenaed by the New York Attorney General regarding its unclaimed property procedures.
Then on November 2, 2011, Prudential Financial Inc reported its third quarter fiscal 2011 financial results, including third quarter 2011.
Prudential Financial Inc (NYSE: PRU) shares fell from $57.30 per share on October 28, 2011, to $44.91 per share on November 25, 2011.
On August 22, 2012, Prudential Financial Inc (NYSE: PRU) shares closed at $54.59 per share.