Shareholder Alert: Robbins LLP Announces Prudential Financial, Inc. (PRU) Sued for Misleading Shareholders
December 04 2019 - 07:39PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Prudential Financial, Inc. (NYSE: PRU) filed a class
action complaint for alleged violations of the Securities Exchange
Act of 1934 between February 15, 2019 and August 2, 2019.
Prudential provides insurance, investment management, and other
financial products and services.
If you suffered a loss as a result of Prudential's misconduct,
click here.
Prudential Financial, Inc. (PRU) Accused of Misleading
Shareholders
According to the complaint, in February 2019, Prudential filed
its 2018 Form 10-K, touting full year and fourth quarter 2018 net
income of $4.09 billion and $842 million, respectively. The Form
10-K alluded to the potential risk of changing mortality trends and
its impact on the assumptions the Company used to calculate
reserves, but made no disclosures that the Company was already
experiencing mortality trend changes. Then, on May 1, 2019,
Prudential announced disappointing earnings results that fell short
of analyst expectations. Prudential nevertheless reassured
investors that "with a foundation of a rock-solid balance sheet,
[Prudential still] continued to return capital totaling $915
million to shareholders." At its June 2019 Investor Day conference,
Prudential reaffirmed its financial performance as well as its
prospects and future growth. Then, on July 31, 2019, Prudential's
second quarter 2019 financial results fell short of expectations
yet again and, as a result, the Company would take a pre-tax charge
of $208 million to reserves, citing changes in "mortality
assumptions" for the negative impact. Following its disclosures,
Prudential's stock declined almost 16% to close at $85.95 per
share.
Prudential Financial, Inc. (PRU) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20191204005974/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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