NEW YORK, Aug. 24, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Prudential Financial, Inc. ("Prudential" or the "Company") (NYSE: PRU).
On August 5, 2011, the Company filed a Form 10-Q with the SEC for the quarter ended June 30, 2011. The Form 10-Q disclosed that the Company (1) was currently being investigated by a third party auditor on behalf of 33 jurisdictions concerning unclaimed property laws and (2) was subpoenaed by the New York Attorney General regarding its unclaimed property procedures. Then on November 2, 2011, the Company reported third quarter fiscal 2011 financial results that missed Wall Street analyst consensus expectations, including an announcement that the Company had taken a $99 million charge to increase reserves related to its death benefits practices. On this news, the Company's share price declined from a close of $53.67 per share on November 2, 2011 to $53.05 per share on November 3, 2011, and to $52.19 per share on November 4, 2011.
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that Prudential's financial reports and related disclosures were materially false and misleading. In particular, the investigation focuses on whether Company officers knew or recklessly disregarded that the Company had not properly reserved adequate funds for the payment of benefits to policyholders' beneficiaries despite knowing that the policyholders were deceased, thereby causing the Company's financial results and guidance for its operating earnings or income between May 5, 2010 and November 2, 2011 (the "Class Period") to be false.
Request more information now by clicking here: www.faruqilaw.com/PRU. There is no cost or obligation to you.
If you purchased Prudential securities between May 5, 2010 and November 2, 2011 and would like to discuss your legal rights, visit www.faruqilaw.com/PRU. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected] or [email protected] Faruqi & Faruqi, LLP also encourages anyone with information regarding Prudential's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
SOURCE Faruqi & Faruqi, LLP