Lincoln(US:LNC) Newsfilterยท2024-06-21 14:05Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Lincoln National Corporation due to allegations of violations of federal securities laws, with a deadline for investors to seek lead plaintiff status by June 24, 2024 [1][3]. Summary by Sections Legal Investigation - The law firm is looking into claims against Lincoln National for making false or misleading statements and failing to disclose significant issues regarding its Variable Universal Life (VUL) business [3]. - Investors who suffered losses exceeding $100,000 between November 4, 2020, and November 2, 2022, are encouraged to discuss their legal rights [2]. Financial Performance - Lincoln National reported a net loss of $2.6 billion for Q3 2022, a significant decline from a net income of $318 million in Q3 2021 [8]. - The company attributed the loss to unfavorable items related to its annual review of Deferred Acquisition Costs (DAC) and reserve assumptions, amounting to $2.0 billion, or $11.62 per share [8]. - Additionally, a goodwill impairment of $634 million was disclosed for the life insurance business [8]. Stock Market Reaction - Following the news of the financial results and the allegations, Lincoln National's stock price dropped by $17.27, or 33.2%, closing at $34.83 per share on November 3, 2022 [4].