Robbins LLP is Investigating the Allegations that Lincoln National Corporation (LNC) Misled Investors Regarding its VUL Business
Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Lincoln National Corporation (NYSE: LNC) securities between November 4, 2020 and November 2, 2022. Lincoln National is a holding company that operates multiple insurance and retirement businesses through subsidiary companies.
The Allegations
According to the complaint, during the class period, defendants failed to disclose that: (1) the Company was experiencing a decline in its VUL business; (2) as a result, the goodwill associated with the life insurance business was overstated; (3) as a result, the Company’s policy lapse assumptions were outdated; (4) as a result, the Company’s reserves were overstated; and (5) therefore, the Company’s reported financial results and financial statements were misstated.
When the truth came out in the Company’s third quarter 2022 financial results, Lincoln National’s stock price fell $17.27, or 33%, to close at $34.83 per share on November 3, 2022.
What Now: You may be eligible to participate in the class action against Lincoln National Corporation. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by June 24, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.