Robbins Umeda LLP Announces an Investigation of MetLife, Inc.
Robbins Umeda is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Metlife, Inc. (NYSE: MET). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda LLP’s investigation focuses on whether officials at MetLife breached their fiduciary duties to shareholders. In particular, the firm is investigating allegations that members of the board of directors misled investors about the scope and impact of various investigations by state and federal authorities into MetLife’s payments of death benefits. On August 2, 2010, MetLife filed a Form 10-Q with the U.S. Securities and Exchange Commission (the “SEC”) in which it disclosed that the Company was part of a major fraud investigation by the New York Attorney General’s office that focused on whether MetLife improperly failed to pay death benefits. In the same Form 10-Q, the company categorically denied the allegations and maintained they were without merit.
However, on August 5, 2011, in an additional Form 10-Q, MetLife was forced to disclose that: (1) the fraud investigation had been expanded; (2) the company might be subject to escheatment to various states; and (3) that the costs related to the investigations could be substantial. After this information was released, MetLife’s market capitalization declined 11%. Furthermore, on October 6, 2011, MetLife filed a Form 8-K with the SEC stating that the company would take a minimum $115 million after-tax charge to increase its cash reserves in connection with the on-going investigations. On this news, MetLife’s market capitalization declined approximately 6% more. Since these facts have emerged, the company has increasingly become the focus of costly public and legal scrutiny, while on-going investigations continue to threaten MetLife’s value and business reputation.
Robbins Umeda LLP highlights that MetLife shareholders have the option to file a derivative action to hold those officers and directors accountable for damaging the Company. Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.