Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into MetLife Inc. (NYSE: MET).
On December 15, 2017, the Company revealed that it failed to pay pensions for tens of thousands of beneficiaries that it had “sought to locate over time unsuccessfully” and would materially increase its reserves as a result. Then, on January 29, 2018, the Company further disclosed that a “material weakness” in its financial reporting had caused reserves to be reduced incorrectly in relation to the outstanding pension payments and as a result, had postponed the release of its Q4 earnings report and expected to increase reserves by $525 million to $575 million, decrease its Q4 earnings by $135 million to $165 million and decrease 2017 profits by $165 million to $195 million.
The Company’s actions, directed by its executives, have exposed it to significant financial losses, investigations by the SEC and several state regulators, an ongoing securities class action lawsuit, and recently, a complaint filed by Massachusetts’ securities regulator for defrauding investors by wrongfully releasing reserves instead of making the outstanding pension payments.
KSF’s investigation is focusing on whether MetLife’s officers and/or directors breached their fiduciary duties to MetLife’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of MetLife shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com), or click here.