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LNC.US
id: 984
Lincoln National Corporation (LNC) Q3 22 Unexpected Net Loss Case
E.D. Pennsylvania
Court2:24-cv-01704
Case number04 Nov 2020
Class period Start02 Nov 2022
Class period End24 Jun 2024
Lead Plaintiff motion deadline- $LNC stockholder filed a claim vs. Lincoln for overstating financial results and business prospects.
- On November 2, 2022, $LNC fell 33.2%, losing $2.9B+ shareholder value due to the financial report news.
- Affected $LNC investors may join the claim to be notified about potential recovery.
On November 2, 2022, Lincoln released Q3’22 financial results, reporting a net loss of $2.6 billion compared to a net income of $318 million for Q3’21.
Lincoln also disclosed a $634 million goodwill impairment to the life insurance business.
On this news, $LNC fell 33.2% and lost over $2.93 billion of its market capitalization, seriously damaging shareholders.
Based on these events, $LNC stockholder filed a claim against Lincoln and its leaders, accusing them of the following details:
- Lincoln faced a decline in its variable universal life insurance business.
- This caused an overestimation of goodwill and outdated lapse assumptions, leading to overstated reserves.
Considering all the information, investors might have grounds to suspect that Lincoln National's life insurance business decline led to overstated goodwill, outdated policy lapse assumptions, and reserves.
One of LNC's investors has already filed a claim vs. Lincoln National in the E. D. of Pennsylvania court.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
03 November 2022
Filing date
23 April 2024
Lead Plaintiff Deadline
24 June 2024
Judge
John F Murphy