According to the Complaint, Prudential Financial, Inc. describes itself as a provider of a wide range of insurance, investment management, and other financial products and services.

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, the Complaint alleges that 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.

On March 20, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 3. Defendants filed a Motion to Dismiss the amended Complaint on August 19. On December 29, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was not given leave to amend the Complaint. On January 26, 2021, Lead Plaintiff filed a notice appealing the Court's dismissal Order.

On June 13, 2023, the Court of Appeals affirmed in part and vacated in part the judgment of the District Court and remanded the case for further proceedings.

The parties entered into a Stipulation of Settlement on February 12, 2024. On March 8, the Court granted preliminary approval of the Settlement.