Lincoln National Allegedly Misled Investors on Insurance Segment

April 29, 2024 by Martina Barash

Lincoln National Corp. withheld information from the public about a decline in its variable universal life insurance business, an investor says in a proposed class action over a subsequent $2.6 billion quarterly loss.

The November 2022 announcement of the setback at the family of companies, known as the Lincoln Financial Group, caused Lincoln’s stock to lose one-third of its value, investor Donald Meade said Tuesday. He filed his complaint in the US District Court for the Eastern District of Pennsylvania.

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Originally Posted at Bloomberg Law on April 24, 2024 by Martina Barash.