This lawsuit is for anyone who acquired securities in MetLife, Inc. (NYSE: MET) from February 27, 2013 through January 29, 2018.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, during the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company failed to set aside proper reserves for paying pension recipients money that the Company only recently determined that it owed them, though some of the payments are 10 years overdue, and for failing to have in place proper controls that would prevent such an oversight.
On December 15, 2017, the Company announced that it recently determined that it had failed to pay approximately 30,000 people pension payments that the Company owed them, some for the past 10 years, apparently because the Company lost their addresses. Also, on December 15, 2017, the Wall Street Journal, in response to the Company's announcement, published an article estimating the Company's obligation to the pensioners at $540 million dollars. On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on January 29, 2018, the Company announced that it would reduce net income for 2017 by $165 to $195 million as a result of the liability it would incur to the pensioners. The Company also announced that it was reviewing its financial statements for prior years. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in MetLife, Inc. (NYSE: MET) from February 27, 2013 through January 29, 2018 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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If Representing an Institution, Name of Institution:
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.