San Diego, CA -- (SBWIRE) -- 02/29/2012 -- A deadline is coming up on March 12, 2012 in the lawsuit filed for certain investors in NYSE:MET shares over alleged False and Misleading Statements by MetLife.
Investors with a substantial investment in MetLife, Inc. (NYSE:MET) shares between February 2, 2010 and October 6, 2011, should get active before the Deadline and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York 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 and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements between February 2, 2010 and October 6, 2011.
Specifically, the plaintiff alleges that as a result of MetLife's death benefits practices and procedures between February 2, 2010 and October 6, 201, defendants caused MetLife, Inc to issue allegedly materially false and misleading statements concerning MetLife’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.
Shares of MetLife, Inc. (NYSE:MET) rose from as low as $12.22 in March 09 to over $48 per share in February 2011. However since February 2011 NYSE MET shares fell to under $30 in early October 2011.
NYSE MET shares recently closed slightly under $38 per share.
Those who purchased MetLife, Inc. (NYSE:MET) common stocks have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego