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Lincoln National Corporation Class Action Lawsuit - LNC

29 days left to seek lead plaintiff status

Case Summary

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The Lincoln National class action lawsuit seeks to represent purchasers or acquirers of Lincoln National Corporation (NYSE: LNC) securities between November 4, 2020 and November 2, 2022, inclusive (the “Class Period”).  Captioned Meade v. Lincoln National Corporation, No. 24-cv-01704 (E.D. Pa.), the Lincoln National class action lawsuit charges Lincoln National and certain of Lincoln National’s top current and former executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Lincoln National class action lawsuit, please provide your information in the form on this page.  You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.  Lead plaintiff motions for the Lincoln National class action lawsuit must be filed with the court no later than June 24, 2024.

CASE ALLEGATIONS: Lincoln National is a holding company which operates multiple insurance and retirement businesses through subsidiary companies.

The Lincoln National class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Lincoln National was experiencing a decline in its variable universal life insurance business; (ii) as a result, the goodwill associated with the life insurance business was overstated; (iii) consequently, Lincoln National’s policy lapse assumptions were outdated; (iv) thus, Lincoln National’s reserves were overstated; and (v) as such, Lincoln National’s reported financial results and financial statements were misstated. 

The Lincoln National class action lawsuit further alleges that on November 2, 2022 Lincoln National reported a net loss of $2.6 billion for the third quarter of 2022, compared to a net income of $318 million for the third quarter of 2021 the previous year. Lincoln National explained “[t]he current quarter’s adjusted operating results included net unfavorable notable items of $2.0 billion, or $11.62 per share, related to the company’s annual review of [deferred acquisition costs] and reserve assumptions” and also disclosed that it “incurred a $634 million goodwill impairment to the life insurance business,” according to the complaint.  On this news, Lincoln National’s stock price fell more than 33%, the Lincoln National class action lawsuit further alleges.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Lincoln National securities during the Class Period to seek appointment as lead plaintiff in the Lincoln National class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Lincoln National class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Lincoln National class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Lincoln National class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm was ranked #1 on the ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller topped the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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