Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, May 17, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Lincoln National Corporation (“Lincoln National” or the “Company”) (NYSE: LNC) investors that a lawsuit was filed on behalf of investors that purchased Lincoln securities between November 4, 2020 and November 2, 2022, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On November 2, 2022, Lincoln National announced its financial outcomes for the third quarter of 2022 after the stock market had closed, revealing a significant net loss of $2.6 billion for the period. This marked a stark contrast from the net income of $318 million recorded in the same quarter the previous year. The company noted that the adjusted operating results for the quarter included $2.0 billion in net unfavorable notable items, amounting to $11.62 per share, which stemmed from the annual review of deferred acquisition costs (DAC) and reserve assumptions. Additionally, a $634 million goodwill impairment charge was applied to the life insurance business.
Following this announcement, Lincoln’s share price plummeted by $17.27, or 33.2%, ending at $34.83 on November 3, 2022, amidst exceptionally high trading volumes.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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