Prudential Financial (NYSE:PRU)
Historical Stock Chart
2 Months : From Nov 2019 to Jan 2020
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:
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191204005974/en/
5040 Shoreham Place
San Diego, CA 92122
(619) 525-3990 or Toll Free (800) 350-6003