LNC - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Lincoln Compass Minerals Exscientia and Akero and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, May 16, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Lincoln National Corporation (NYSE:LNC), Compass Minerals International, Inc. (NYSE:CMP), Exscientia plc. (NASDAQ:EXAI), and Akero Therapeutics, Inc. (NASDAQ:AKRO). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Lincoln National Corporation (NYSE:LNC)
Class Period: November 4, 2020 - November 2, 2022
Lead Plaintiff Deadline: June 24, 2024
On November 2, 2022, after the market closed, Lincoln National released its third quarter 2022 financial results, reporting a net loss of $2.6 billion for the quarter. This was compared to a net income of $318 million for the third quarter of 2021 the previous year. The Company explained "[t]he current quarter's adjusted operating results included 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." The Company also disclosed that it "incurred a $634 million goodwill impairment to the life insurance business."
On this news, Lincoln's stock price fell $17.27, or 33.2%, to close at $34.83 per share on November 3, 2022, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company was experiencing a decline in its VUL business; (2) that, as a result, the goodwill associated with the life insurance business was overstated; (3) that, as a result, the Company's policy lapse assumptions were outdated; (4) that, as a result, the Company's reserves were overstated; (5) that, as a result, the Company's reported financial results and financial statements were misstated; and (6) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Lincoln class action go to: https://bespc.com/cases/LNC
Compass Minerals International, Inc. (NYSE:CMP)
Class Period: November 29, 2023 - March 22, 2024
Lead Plaintiff Deadline: June 24, 2024
According to the filed complaint, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Compass Minerals overstated the likelihood that it would be awarded a renewed U.S. ...