Archived Investigations
Lincoln National Corporation (NYSE: LNC)
Lincoln National and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 2, 2022, post-market, the Company released its 3Q 2022 financial results, disclosing a net loss of $2.6 billion for the quarter, compared to a net income of $318 million for the third quarter of 2021 the previous year, due 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,” and that the Company “incurred a $634 million goodwill impairment to the life insurance business.”
On this news, the price of Lincoln’s shares fell by $17.27, or 33.2%, to close at $34.83 per share on November 3, 2022, on unusually heavy trading volume.
The case is Meade v. Lincoln National Corporation, et al., No. 24-cv-01704.