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Kirby McInerney LLP Announces the Filing of a Securities Class Action on Behalf of Lincoln National Corporation (LNC) Investors
[Click here to learn more about the class action]
On November 2, 2022, Lincoln National reported a net loss of $2.6 billion for the third quarter of 2022, compared to a net income of $318 million for the third quarter of 2021 the previous year. Lincoln National explained "[t]he current quarter's adjusted operating results included net unfavorable notable items of $2.0 billion, or $11.62 per share, related to the company's annual review of [deferred acquisition costs] and reserve assumptions" and also disclosed that it "incurred a $634 million goodwill impairment to the life insurance business." On this news, the price of Lincoln National shares declined by $17.27 per share, or approximately 33.2%, from $51.20 per share on November 2, 2022 to close at $34.83 per share on November 3, 2022.
The lawsuit alleges that Lincoln National throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Lincoln National was experiencing a decline in its variable universal life insurance business; (ii) as a result, the goodwill associated with the life insurance business was overstated; (iii) consequently, Lincoln National's policy lapse assumptions were outdated; (iv) thus, Lincoln National's reserves were overstated; and (v) as such, Lincoln National's reported financial results and financial statements were misstated.
If you purchased or otherwise acquired Lincoln National securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240520297022/en/
SOURCE: Kirby McInerney LLP
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Kirby McInerney LLP Thomas W. Elrod, Esq. 212-699-1180 https://www.kmllp.com investigations@kmllp.com
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