Lincoln National Allegedly Misled Investors on Insurance Segment

Lincoln National Corp. withheld information from the public about a decline in its variable universal life insurance business, an investor says in a proposed class action over a subsequent $2.6 billion quarterly loss.

The November 2022 announcement of the setback at the family of companies, known as the Lincoln Financial Group, caused Lincoln’s stock to lose one-third of its value, investor Donald Meade said Tuesday. He filed his complaint in the US District Court for the Eastern District of Pennsylvania.

The drop was the company’s steepest since March 2009, ...