|Company name||Prudential Financial, Inc.|
NEW YORK, January 28, 2020 –Bragar Eagel & Squire is investigating certain officers and directors of Prudential Financial, Inc. (NYSE: PRU) following a class action complaint that was filed against Prudential on November 27, 2019.
The complaint alleges that during the class period defendants made materially false and misleading statements and/or failed to disclose adverse information regarding Prudential’s business and prospects. Specifically, defendants failed to disclose the following facts: (a) the Company’s reserve assumptions failed to account for adversely developing mortality experience in its 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. As a result of this adverse information being withheld from the market, the price of Prudential common stock was artificially inflated to more than $105 per share during the Class Period.
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