The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Prudential Financial, Inc. (NYSE: PRU) who purchased shares between February 15, 2019 and August 2, 2019. The action, which was filed in the United States District Court for the District of New Jersey, alleges that the Company violated federal securities laws.
In particular, the Prudential lawsuit alleges that (a) the Company’s reserve assumptions failed to account for adversely developing mortality experience in the Individual Life business segment; (b) 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 (c) the Company had materially understated its liabilities and overstated net income as a result of flawed assumptions in calculating mortality experience.
Shareholders have until January 27, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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