Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Lincoln National Corporation (LNC)
/EIN News/ -- NEW YORK, April 26, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons and entities who purchased securities of Lincoln National Corporation (“Lincoln National” or the “Company”) (NYSE: LNC) between November 4, 2020 and November 2, 2022, inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about Lincoln National’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Lincoln National was experiencing a decline in its variable universal life insurance business; (2) as a result, the goodwill associated with the life insurance business was overstated; (3) as a result, Lincoln National’s policy lapse assumptions were outdated; (4) as a result, Lincoln National’s reserves were overstated; (5) as a result, Lincoln National’s reported financial results and financial statements were misstated; and (6) as a result of the foregoing, Defendants’ positive statements about Lincoln National’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, investors suffered damages.
Investors who purchased or otherwise acquired shares of Lincoln National should contact the Firm prior to the June 24, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
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