NEW YORK, NY / ACCESSWIRE / March 19, 2018 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against MetLife, Inc. ("MetLife" or the "Company") (NYSE: MET) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired MetLife securities between February 27, 2013 and January 29, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/met.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) MetLife's practices and procedures used to estimate its reserves set aside for annuity and pension payments were inadequate; (2) MetLife had inadequate internal controls over financial reporting; and (3) as a result, defendants' statements about MetLife's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On January 29, 2018, post-market, MetLife announced that it would postpone its fourth-quarter earnings announcement, citing a "material weakness" in its financial reporting. In addition, MetLife advised investors that it expected to increase total reserves between $525 million and $575 million on a pre-tax basis to cover certain annuity recipients "who have been unresponsive or missing over time." The Company further stated that the SEC's enforcement staff has inquired about payments that the insurer failed to make for people who receive a type of annuity benefit from the company via its retirement business. Following this news, MetLife stock has dropped sharply in after-hours trading on January 29, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: http://www.bgandg.com/met. or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in MetLife, you have until April 6, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
