San Diego, CA -- (SBWIRE) -- 02/14/2012 -- The Shareholders Foundation announces that an investor in NYSE: MET shares filed a lawsuit against members of the board of directors of Metlife Inc and certain of its executive offers over alleged breaches of fiduciary duties
Investors who purchased MetLife, Inc. (NYSE:MET) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that the members of the board of directors of Metlife breached their fiduciary duties by failing to properly supervise and monitor the adequacy of MetLife’s internal controls and by allowing MetLife to issue and disseminate misleading statements and filings. The plaintiff claims that certain defendants knew or were reckless in not knowing, that Metlife was wrongfully and unfairly using the U. S. Social Security Administration’s Death Master File to determine whether its annuity policyholders had died so that MetLife could stop making payments, but ignored the U. S. Social Security Administration’s Death Master File to determine where death benefits payments were due under life insurance policies.
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.
Shares of MetLife, Inc. (Public, NYSE:MET) fell from over $48 per share in February 2011. to under $30 in early October 2011 and recently closed slightly under $36 per share.
Those who purchased MetLife, Inc. (NYSE:MET) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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