MetLife, Inc. (NYSE:MET) Investor Files Lawsuit over Alleged Securities Laws Violations over MetLife's Death Benefits Practices
A lawsuit was filed by an investor in MetLife, Inc. (NYSE:MET) over alleged securities laws violations in connection with MetLife's death benefits practices and procedures.
San Diego, CA -- (SBWire) -- 01/30/2012 --The Shareholders Foundation announces that an investor in NYSE: MET shares filed a lawsuit in United States District Court for the Southern District of New York against MetLife Inc over alleged Violations of Federal Securities Laws in connection with MetLife's death benefits practices and procedures.
Investors who purchased MetLife, Inc. (NYSE:MET) common stock, including but not limited to those who purchased MET stocks during the period between February 2, 2010 and October 6, 2011, have certain options and there are strict and short deadlines running. Deadline: March 12, 2012. NYSE:MET stockholder should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint 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.
Since February 2011 NYSE MET shares fell from over $48 to under $30 in early October 2011 and NYSE MET shares recently closed slightly under $36 per share.
Those who purchased MetLife, Inc. (NYSE:MET) common stock, have certain options and should contact the Shareholders Foundation.
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