MetLife, Inc. Hit By Investor Class Action Lawsuit Over Alleged Securities Laws Violations

If you purchased MetLife, Inc. (NYSE:MET) common stock during the period between February 2, 2010 and October 6, 2011, you have certain options and there are strict and short deadlines running. Deadline: March 12, 2012. NYSE:MET stockholder should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
MetLife
Case Name: 
MetLife Shareholder Class Action 01/12/2012
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: MET
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/12/2012
Class Period Begin: 
02/02/2010
Class Period End: 
10/06/2011
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
03/12/2012
Summary: 

San Diego, Jan. 12, 2012 (Shareholders Foundation) -- An investor in NYSE: MET shares filed a lawsuit in United States District Court for the Southern District of New York against MetLife Inc over alleged Violations of Federal Securities Laws.

According to the complaint the plaintiff alleges on behalf of purchasers of MetLife, Inc. (NYSE:MET) common stock during the period between February 2, 2010 and October 6, 2011, that MetLife and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements between February 2, 2010 and October 6, 2011.

Specifically, the plaintiff alleges that as a result of MetLife's death benefits practices and procedures between February 2, 2010 and October 6, 201, defendants caused MetLife, Inc to issue allegedly materially false and misleading statements concerning MetLife’s current and future financial condition and its potential liability to policyholders, their beneficiaries or relevant state authorities for millions of dollars in benefits that should have been paid out to policyholders or escheated to the states.
On August 5, 2011, MetLife, Inc disclosed in its Form 10-Q filed with the U.S. Securities and Exchange Commision (“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.

Then, on October 6, 2011, MetLife, Inc filed a Form 8-K with the SEC, stating among other things that it would take at least a $115 million after-tax charge to increase its reserves in connection with its death benefits practices.

MetLife, Inc. reported that its annual Revenue rose from $41.05billion for ’09 to $52.71billion in 2010 and its Net Loss of $2.24billion in 2009 turned into a Net Income of $2.79billion in 2010. For the third quarter 2011 MetLife, Inc. reported an increase in its third quarter Revenue from $12.33billion for its third quarter 2010 to $20.45billion in 2011 and its third quarter Net Income surged from $316million in 2010 to $3.58billion in 2011.

Shares of MetLife, Inc. (Public, NYSE:MET) rose from as low as $12.22 in March 09 to over $48 per share in February 2011. However since February 2011 NYSE MET shares fell to under $30 in early October 2011.

NYSE MET shares recently closed slightly under $36 per share.