Business & Finance
Wed, January 25, 2012
NEW YORK--([ BUSINESS WIRE ])--Harwood Feffer LLP ([ www.hfesq.com ]) is investigating potential claims against the board of directors of MetLife Inc. (aMetLifea or the aCompanya) (NYSE: MET) concerning possible breaches of fiduciary duties and violation of other laws.
On August 2, 2010, MetLife filed a Form 10-Q with the U.S. Securities and Exchange Commission (the "SEC") disclosing that the Company was the subject of a major fraud investigation by the New York Attorney General's office concerning whether MetLife improperly failed to pay death benefits. At the time, the company denied the allegations and claimed they lacked merit.
One year later, on August 5, 2011, the Company filed a Form 10-Q with the SEC disclosing that: (i) the fraud investigation had been expanded; (ii) the Company could be subject to escheatment to various states; and (iii) that the costs incurred due to the investigations could be substantial. On this news, MetLife's market capitalization declined 11%. Then on October 6, 2011, MetLife filed a Form 8-K stating that the company would take a minimum $115 million after-tax charge to increase cash reserves as a result of the on-going investigations. In response, MetLife's market capitalization declined approximately 6% more. These revelations have damaged the Companyas reputation and pose a significant threat to MetLife's prospects.
If you own MetLife shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
| Robert I. Harwood, Esq. |
| Matthew M. Houston, Esq. |
| Benjamin Sachs-Michaels |
| Harwood Feffer LLP |
| 488 Madison Avenue |
| New York, New York 10022 |
| Phone Numbers: (877) 935-7400 |
(212) 935-7400 |
Email: [ bsachsmichaels@hfesq.com ] |
Website: [ http://www.hfesq.com ] |
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website ([ http://www.hfesq.com ]) for more information about the firm.
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