Law Offices of Howard G. Smith reminds investors of the upcoming January 27, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Prudential Financial, Inc. ("Prudential" or the "Company") (NYSE: PRU) common stock between February 15, 2019 and August 2, 2019, inclusive (the "Class Period").
Investors suffering losses on their Prudential investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On August 1, 2019, Prudential revealed a $208 million charge to its second quarter 2019 earnings due to changes in mortality assumptions in its Individual Life business segment. Additionally, the Company revealed that the change in mortality assumptions would negatively impact quarterly earnings by $25 million for the foreseeable future.
On this news, Prudential's stock price fell $10.22, or over 10%, to close at $91.09 per share on August 1, 2019, thereby injuring investors.
Then on August 2, 2019, Prudential disclosed that the Individual Life segment declined by $178 million over the prior year period, primarily due to the $208 million charge.
On this news, Prudential's stock price fell $2.53, or over 5%, to close at $88.56 per share on August 2, 2019, thereby injuring investors further.
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’s reserve assumptions failed to account for adversely developing mortality experience in its Individual Life business segment; (2) that the Company was not over-reserved, but instead, its reported reserves, particularly for the Individual Life business segment, were insufficient to satisfy its future policy benefits liabilities; and (3) that the Company had materially understated its liabilities and overstated net income as a result of flawed assumptions in calculating mortality experience.
If you purchased or otherwise acquired Prudential common stock during the Class Period, you may move the Court no later than January 27, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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