SAN DIEGO, April 24, 2024 (GLOBE NEWSWIRE) -- DiCello Levitt LLP announces that purchasers or acquirers of Lincoln National Corporation (“Lincoln National” or the “Company”) (NYSE: LNC) common stock between November 4, 2020 and November 2, 2022, inclusive (the “Class Period”) have until June 24, 2024 to seek appointment as lead plaintiff of the Lincoln National class action lawsuit. The Lincoln National lawsuit charges the Company, certain senior executive officers, and the Company’s underwriters with violations of the federal securities laws.
If you purchased shares of Lincoln National common stock between November 4, 2020 and November 2, 2022, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, you may submit your information here: https://dicellolevitt.com/securities/lincoln-national/
You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Case Allegations: The Lincoln National lawsuit alleges that throughout the Class Period Defendants failed to disclose to investors that: (1) the Company was experiencing a decline in its variable universal life (VUL) business; (2) the goodwill associated with the life insurance business was overstated; (3) the Company’s policy lapse assumptions were outdated; (4) the Company’s reserves were overstated; (5) the Company’s reported financial results and financial statements were misstated; and (6) as a result of the foregoing, Defendants’ statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
The lawsuit alleges that after the market closed on November 2, 2022, Lincoln National released its third quarter 2022 financial results, reporting a net loss of $2.6 billion for the quarter. The Company 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 [its deferred acquisition cost] and reserve assumptions.” The Company also disclosed that it “incurred a $634 million goodwill impairment to the life insurance business.” On this news, Lincoln’s stock price plummeted more than 33%, falling $17.27 to close at $34.83 per share on November 3, 2022.
About DiCello Levitt: At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens’ rights and interests. Every day, we put our reputations – and our capital – on the line for our clients.
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