Finance

Lincoln National Corporation Faces Class Action Lawsuit for Securities Fraud

NEW ORLEANS, May 17, 2024 - Investor services provider ClaimsFiler has issued a reminder to shareholders that the deadline for filing lead plaintiff applications in a securities class action lawsuit against Lincoln National Corporation is quickly approaching. Any investors who have purchased or acquired securities from the company during the period from November 4, 2020, to November 2, 2022, are eligible to partake in the lawsuit, which is now on the docket in the United States District Court for the Eastern District of Pennsylvania.

Legal Assistance Available for Lincoln National Investors

Investors in Lincoln National seeking guidance or assistance with the lawsuit are encouraged to reach out to ClaimsFiler. The shareholder information service offers a dedicated webpage ClaimsFiler Case Information for the Lincoln National case. For further discussion of legal options, Kahn Swick & Foti, LLC's experienced attorneys can be reached toll-free at (844) 367-9658.

Allegations Against Lincoln National

The class action lawsuit levels serious accusations against Lincoln National Corporation and its executives, asserting that vital information was withheld during the Class Period, thus contravening federal securities laws. The lawsuit aims to hold the company accountable for its failure to make these material disclosures.

Financial Results Trigger Share Value Decline

Significant attention in this case is drawn to Lincoln National's financial results for the third quarter of 2022, which were released after the market closed on November 2, 2022. The disclosed net loss of $2.6 billion for the quarter stands in stark contrast to the reported net income of $318 million for the same quarter in the previous year. The drastic change was attributed principally to "net unfavorable notable items of $2.0 billion, or $11.62 per share, related to the company's annual review of DAC and reserve assumptions." Further exacerbating the situation, Lincoln National also recorded a $634 million goodwill impairment charge to its life insurance business.

In the aftermath of this startling financial report, Lincoln National’s stock price suffered a precipitous drop. The next trading day saw the company's shares plummet by $17.27, a 33.2% decrease, closing at $34.83. The volume of trading that day skyrocketed, reflecting the market's turbulent response.

Case Details and Identification

The ongoing case has been formally filed as Meade v. Lincoln National Corporation, et al., carrying the case number 24-cv-01704 in the court records. Impacted investors are called to consider participation in this litigation to potentially recover losses resulting from the alleged securities fraud.

About ClaimsFiler and Their Mission

The primary mission of ClaimsFiler is to act as a pivotal resource for retail investors, aiding them in recovering a portion of billions of dollars from securities class action settlements. At Claimsfiler.com, investors are provided with a free registration that grants access to settlement information and websites for various securities class action cases. This enables them timely submission of their claims. Additionally, they can upload their portfolio transaction data to receive notifications regarding securities cases that may affect their financial interests and also submit inquiries to Kahn Swick & Foti, LLC for complimentary case evaluations.

By promoting awareness and facilitating access to necessary resources, ClaimsFiler strives to empower investors in making informed decisions regarding legal actions that concern their investments. Their user-friendly platform is designed to make it easier for the user to navigate through different cases of securities class action and take appropriate steps towards claiming their due settlements.

Conclusion: Navigating Financial Repercussions

ClaimsFiler's announcement regarding the class action lawsuit against Lincoln National Corporation serves as a crucial reminder for investors to stay vigilant about their investments and the importance of holding companies accountable for their disclosures in compliance with securities laws. As the deadline for filing nears, affected investors must promptly review their legal options and take action to potentially recover from their losses due to the alleged omissions and misleading information provided by Lincoln National during the specified Class Period.

Seeking Justice

Investors who have borne financial losses from investments in Lincoln National Corporation during the Class Period are now presented with an opportunity to join the lawsuit in pursuit of compensatory measures. Taking action before the deadline of June 24, 2024, is crucial for investors aiming to position themselves as lead plaintiffs in this high-stakes securities litigation.

The detailed legal support provided by Kahn Swick & Foti, LLC, the implications of the drastic financial announcements by Lincoln National Corporation, and the consequent impact on share prices underscore the challenges faced by individual investors in responding to corporate mismanagement and alleged fraud.

As such, the importance of services like ClaimsFiler becomes evident, offering streamlined assistance in navigating the complex landscape of securities class action lawsuits. Their provision of up-to-date case information, tools for claim submission, and direct legal support lays the groundwork for investors to reclaim financial equity and justice.

ClaimsFiler remains committed to its vision of providing a comprehensive resource for investors to understand the intricacies involved in securities class actions and to participate effectively in the restitution process. The seamless user experience and valuable services offered at Claimsfiler.com stand as a testament to their dedication to the investor community.

Final Thoughts

With the investor landscape being continually shaped by new developments, regulatory updates, and evolving market dynamics, the role of organizations like ClaimsFiler in supporting investor rights and transparency in corporate conduct becomes increasingly important. Looking ahead, the unfolding events of the legal proceedings against Lincoln National Corporation will undoubtedly be of significant interest to the investment world and beyond.

It is incumbent upon every investor to recognize the significance of their legal rights and the potential for considerable outcomes from class action lawsuits like the one facing Lincoln National Corporation. Awareness and timely participation can make all the difference in seeking resolutions that may not only recoup losses but also reinforce the ethical and legal standards expected from publicly traded companies.

Engaging the Legal Process

The complexities surrounding class action lawsuits necessitate expert guidance and resources, which organizations like ClaimsFiler and law firms like Kahn Swick & Foti, LLC offer. Investors impacted by the purported concealment of material information from Lincoln National have a beacon in these resources that help light the path toward potential financial recovery and legal vindication.

In the face of these allegations, ensuring appropriate legal response and pursuing due diligence becomes imperative. Participation in the lawsuit represents an avenue through which investors can seek to address not only personal financial restitution but also contribute to a larger narrative of corporate accountability and investor protection.

The Path Forward for Investors

The current lawsuit against Lincoln National serves as a potent reminder of the need for vigilance in the investment community. By taking informed steps towards legal action, investors not only champion their rights but also contribute to the broader effort of maintaining the integrity of the markets. CLAIMSFILER’s initiative in facilitating investor participation echoes this sentiment and reinforces the essential nature of transparency and accountability.

As the markets continue to evolve, the partnership between investors and service providers like ClaimsFiler will prove to be an integral component of navigating future challenges. Their collaborative efforts can set precedents that deter corporate misconduct and reinforce the foundations on which equitable securities trading is established.

In light of the upcoming filing deadline, investors in Lincoln National Corporation find themselves at a critical juncture. Adequate response at this time may prove decisive, as the collective action of investors steps into the legal arena to address grievances and work towards a fair resolution in the face of corporate malfeasance.

Conclusion: Empowerment Through Legal Action

Ultimately, the forthcoming actions of shareholders in response to ClaimsFiler's reminder will reflect the wider commitment of the investment community to uphold justice and rectitude in financial dealings. Across the tapestry of investing, each legal claim filed is an affirmation of the indispensable right to truth and the unyielding pursuit of fairness in an ever-shifting economic landscape.

The unfolding legal journey ahead for Lincoln National Corporation and its investors will undoubtedly shed light on the crucial interplay between corporate governance and shareholder interests. As the narrative continues to develop, the attention of all market participants will be keenly focused on the outcomes and precedents established for future corporate accountability.