Case Summary

Lincoln National


Case Details

  • Meade v. Lincoln National Corporation et al.
  • Class Period:November 4, 2020 - November 2, 2022
  • Date Filed:April 23, 2024
  • Jurisdiction:U.S. District Court, Eastern District of Pennsylvania
  • Docket Number: 2:24-cv-01704
  • Lead Plaintiff Deadline: June 24, 2024
Days Left to
Seek Plaintiff


A class action lawsuit has been filed against Lincoln National Corporation (“Lincoln National” or the “Company”) (NYSE: LNC) and certain of the Company’s current and former senior executive officers alleging violations of the federal securities laws.  The Lincoln National lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Lincoln National securities between November 4, 2020, and November 2, 2022, both dates inclusive (the “Class Period”), and investors have until June 24, 2024 to seek appointment as lead plaintiff of the Lincoln National class action lawsuit.

Lincoln National is a holding company which operates multiple insurance and retirement businesses through subsidiary companies.  The Company operates and reports results through four segments: Annuities, Life Insurance, Group Protection, and Retirement Plan Services, through which it sells a range of wealth accumulation, wealth protection, group protection, and retirement income products and solutions.  “Lincoln Financial Group” is the marketing name for Lincoln National and its subsidiary companies.  The Life Insurance segment’s book of insurance business includes universal life (UL), variable universal life (“VUL”), and indexed universal life (IUL) products, some of which include secondary guarantees.  In the Life Insurance segment, profitability is driven by mortality margins, investment margins, expenses, and surrender fees.

As alleged in the lawsuit, on November 2, 2022, after the market closed, Lincoln National released its third quarter 2022 financial results, reporting a net loss of $2.6 billion for the quarter.  The Company explained that the current quarter’s adjusted operating results included net unfavorable notable items of $2.0 billion, or $11.62 per share, related to the Company’s annual review of deferred acquisition costs (DAC) and reserve assumptions.  The Company also disclosed that it incurred a $634 million goodwill impairment to the life insurance business.  On this news, Lincoln’s stock price fell $17.27, or 33.2%, to close at $34.83 per share on November 3, 2022.

The lawsuit alleges that Defendants, throughout the Class Period, made false statements and failed to disclose to investors that: (1) the Company was experiencing a decline in its VUL business; (2) the goodwill associated with the life insurance business was overstated; (3) the Company’s policy lapse assumptions were outdated; (4) the Company’s reserves were overstated; (5) the Company’s reported financial results and financial statements were misstated; and (6) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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If you purchased or otherwise acquired Lincoln National securities between November 4, 2020, and November 2, 2022, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at 

The deadline to apply to the Court to serve as a lead plaintiff in the Lincoln National lawsuit is June 24, 2024.

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