Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, announces that a federal class action lawsuit has been filed in the United States District Court for the Eastern District of New York against MetLife, Inc. (“MetLife” or “Company”) (NYSE: MET) and several officers and directors for acts taken during the period of February 27, 2013 and January 29, 2018 (the “Class Period”).
Based upon the allegations in the class action, the firm is investigating additional legal claims against the officers and Board of Directors of MetLife. If you are an affected MetLife shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org or call toll free at (888) 809-2750. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants misrepresented and/or failed to disclose during the Class Period that: (1) MetLife’s practices and procedures used to estimate its reserves set aside for annuity and pension payments were inadequate; (2) MetLife had inadequate internal controls over financial reporting; and (3) as a result, Defendants’ statements about MetLife’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On December 15, 2017, after-market, MetLife announced that the Company had been unable to locate some of the Company’s annuity beneficiaries and the Wall Street Journal published an article regarding the disclosure. On January 29, 2018, after-market, MetLife announced it would reschedule its earnings releases for fourth quarter and full year 2017, due to “material weaknesses” in its internal controls. The Company also advised it would have to revise certain of its prior financial statements, and that the Securities and Exchange Commission and the New York Department of Financial Services had made related inquiries. On this news, shares of MetLife fell $0.62 per share, or over 1.2%, over the following two trading days to close at $50.79 per share on December 19, 2017.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.