U.S. short-seller Muddy Waters takes aim at Manulife Financial Corp. [Advisor.ca (Canada)]
Manulife Financial Corporation (MFC)
Last manulife financial corporation earnings: 2/12 05:00 pm
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manulife.com/investor-relations
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Source: Advisor.ca
Muddy Waters says the trial involves one of Manulife’s insurance contracts purchased by a hedge fund called Mosten Investment LP. The judge’s decision is expected by the end of the year. The research firm says Mosten argues that it can deposit an unlimited amount of money with Manulife through the contract and receive an annualized guaranteed return of at least 4%—terms that could “financially cripple” the Canadian insurer. Shares of Manulife were down nearly 3% on the Toronto Stock Exchange at midday after Muddy Waters announced its short position in Manulife. Manulife responded in a press release, saying it disagreed with the conclusions of Muddy Waters and believed Mosten’s position is legally unfounded. “We firmly believe that the consumers purchasing universal life policies, and the insurers issuing these policies, never intended to have the policies function as deposit or securities contracts,” the release said. “We have a sound, highly rated global franchise.” Further,
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News
- Manulife to Release First Quarter 2024 Results [Yahoo! Finance]Yahoo! Finance
- Manulife to Release First Quarter 2024 ResultsPR Newswire
- Manulife Investment Management Announces Cash Distributions for Manulife Exchange Traded FundsPR Web
- Manulife Financial: Company Firing On All Cylinders, But Valuation Too Rich (Rating Downgrade) [Seeking Alpha]Seeking Alpha
- Should Value Investors Buy Manulife Financial Corp (MFC) Stock? [Yahoo! Finance]Yahoo! Finance
MFC
Earnings
- 2/14/24 - Beat
MFC
Sec Filings
- 3/25/24 - Form 6-K
- 3/22/24 - Form 6-K
- 2/28/24 - Form S-8
- MFC's page on the SEC website