The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of those who acquired Lincoln National Corporation (“Lincoln National” or the “Company”) (NASDAQ: LNC) securities during the period of November 4, 2020 through November 2, 2022, inclusive (“the Class Period”). Investors have until June 24, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

[Click here to learn more about the class action]

On November 2, 2022, 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 [i.e., deferred acquisition cost] and reserve assumptions.” The Company also disclosed that it “incurred a $634 million goodwill impairment to the life insurance business.” On this news, the price of Lincoln National shares declined by $17.27, or approximately 33.2%, to close at $34.83 per share on November 3, 2022.

According to the lawsuit, Lincoln National failed to disclose that: (1) 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with the life insurance business was overstated; (3) that, as a result, the Company’s policy lapse assumptions were outdated; (4) that, as a result, the Company’s reserves were overstated; and (5) that, as a result, the Company’s reported financial results and financial statements were misstated.

If you purchased or otherwise acquired Lincoln National securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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