San Diego, CA -- (SBWIRE) -- 07/18/2012 -- Another investor in NYSE:MET shares filed another lawsuit against directors of Metlife Inc and certain of its executive offers over alleged breaches of fiduciary duties. Earlier this year another investor in NYSE:MET shares filed already a lawsuit against Metlife directors.
Investors who are current long term stockholders in 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.
The plaintiffs alleged that defendants 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 plaintiffs 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.
The New York Attorney General announced a fraud investigation into the insurance industry's practice of using retained asset accounts as settlement options for death benefits.
However, so one plaintiff, despite the investigation, MetLife allegedly misled the general public regarding its financial results as it was disavowing the investigation and stating that it would not have a material impact on MetLife's financial results.
Then 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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