Faruqi & Faruqi, LLP Announces Investigation of MetLife, Inc. (MET)
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at MetLife, Inc. (“MetLife” or the “Company”) (NYSE: MET).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) MetLife had made inadequate reservations for paying benefits to policyholders’ beneficiaries despite knowledge that policyholders were deceased; (2) MetLife’s historical processes, policies and methods were inadequate to identify current liabilities related to policyholders who had died but whose beneficiary claims had not yet been exercised; (3) MetLife knew its assurances countering allegations about the Company’s death benefits practices were without merit; and (4) as the result, MetLife’s financial results and guidance for its operating earnings during the Class Period were materially false and misleading.
On August 5, 2011, MetLife disclosed in a Form 10-Q filed with the SEC that regulatory investigations into its death benefits practices could result in additional escheatment to the states and administrative penalties, the costs of which could be substantial. This disclosure caused the Company’s stock price to decline 11% the next trading day. On October 6, 2011, the Company filed a Form 8-K with the SEC, stating that it would take at least a $115 million after-tax charge to increase its reserves in connection with its death benefits practices. On this news, the Company’s stock price declined from $30.69 on October 6, 2011 to $28.80 on October 7, 2011.
If you purchased MetLife securities between February 2, 2010 and October 6, 2011 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding MetLife’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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