Investors in Lincoln National Corporation (Lincoln National) who suffered substantial losses between November 4, 2020, and November 2, 2022, now have the opportunity to lead a class action lawsuit alleging securities fraud. A law office has announced it is representing shareholders in a case against the firm, with a deadline set for June 24, 2024.
The law offices of Frank R. Cruz claims that the company and its executives misled investors by failing to disclose critical information about Lincoln National’s business, leading to significant losses for shareholders. According to the complaint, the company experienced a decline in its variable universal life (VUL) insurance business, which impacted the valuation of goodwill associated with its life insurance division. This decline, coupled with outdated policy lapse assumptions, resulted in overstated reserves and misrepresented financial results, it was stated.
Further allegations suggest that the company’s reported financial statements contained significant inaccuracies, leading to investors receiving false or misleading information about Lincoln National’s business operations and prospects. As a result, investors who purchased Lincoln National shares during the class period may have suffered financial harm due to the company’s alleged fraudulent activities, it was suggested.
Now the law firm is calling for shareholders to participate in the class action - those who wish to lead the class action must apply by the lead plaintiff deadline.
Another law office – Levi and Korsinsky LLP – issued a similar statement and call for action late last week. The same deadline, of June 24, applies.
Lincoln Financial Group, meanwhile, has a dedicated fraud reporting page on its website.
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