NEW ORLEANS–(BUSINESS WIRE)–Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until June 24, 2024 to file lead plaintiff applications in a securities class action lawsuit against Lincoln National Corporation (NYSE: LNC), if they purchased or otherwise acquired the Company’s securities between November 4, 2020 and November 2, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of Pennsylvania.
What You May Do
If you purchased securities of Lincoln National and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-lnc/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by June 24, 2024.
About the Lawsuit
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.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
