NEW YORK, Dec. 17, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Prudential Financial, Inc. (“Prudential” or the “Company”) (NYSE: PRU). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Prudential and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On July 31, 2019, Prudential announced its financial results for the second quarter of 2019, including EPS of $3.14, which missed analyst consensus estimates by $0.09, and disclosed that that Company would take a pre-tax charge of $208 million as a result of its market experience update. In the earnings release, Prudential acknowledged that changes in “mortality assumptions” had negatively impacted the Company’s results and would “trim” near-term momentum.
On August 1, 2019, Prudential held a conference call to discuss its quarterly financial results, and revealed that the change in mortality assumptions would have a much more significant effect on the Company’s financial condition and would require a negative earnings impact of $25 million per quarter for the foreseeable future, wiping out approximately one third of the earnings attributable to the Individual Life business segment. On this news, Prudential’s stock price fell $10.22 per share, or 10.09%, to close at $91.09 per share on August 1, 2019.
Then, on August 2, 2019, Prudential filed its quarterly report for the second quarter of 2019, which provided additional information concerning the Company’s adjustments to operating income by segment, including that the $208 million pre-tax charge to reserves was entirely attributable to the Individual Life business segment.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
