MetLife, Inc. MET Securities Stock Fraud

Company:	MetLife, Inc.
Ticker Symbol:	MET
Class Period:	Feb-2-10 to Oct-6-11
Date Filed:	Jan-16-12
Lead Plaintiff Deadline:	Mar-16-12
Court:	Southern District of New York
Allegations:

New York, NY: A securities lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of MetLife, Inc, common stock during the period between February 2, 2010 and October 6, 2011 (the "Class Period").

The complaint charges MetLife and certain of its officers and directors with violations of the Securities Exchange Act of 1934. MetLife is a global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 60 countries.

The complaint alleges that, as a result of MetLife' death benefits practices and procedures, during the Class Period, defendants caused the Company to issue materially false and misleading statements concerning the Company' 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, the Company disclosed in its Form 10-Q filed with the 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. This disclosure caused the Company' stock price to decline 11% by the next trading day. Then, on October 6, 2011, the Company 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. On this news, the Company' stock price declined from $30.69 on October 6, 2011 to $28.80 on October 7, 2011.

According to the complaint, defendants' statements during the Class Period were each materially false and misleading in that defendants knew or recklessly disregarded that: (a) the Company had not properly or adequately reserved for the payment of benefits to policyholders' beneficiaries when it knew or had reason to know the policyholders were deceased; (b) the Company' historical processes, policies and procedures were inadequate to identify current liabilities related to policyholders which had died but whose beneficiary claims had not yet been made; (c) the Company knew to be false its assurances that the allegations regarding the Company' death benefits practices were without merit; and (d) defendants knew that the Company' financial results and guidance for its operating earnings during the Class Period were false.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

MetLife, Inc. MET Securities Fraud Legal Help

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Published on Jan-16-12