NEW YORK, July 20, 2024 (GLOBE NEWSWIRE) — Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Globe Life Inc. (NYSE:GL) and its directors and certain senior executives for breaches of their fiduciary duties by failing to stop, and/or condoning, pervasive fraud and sexual harassment at the Company.
If you are a long-term holder of Globe Life, you are encouraged to submit your information at: https://www.bfalaw.com/cases-investigations/globe-life-inc.
Investigation Details:
A recent investor report has exposed troubling allegations that Globe Life is engaged in widespread insurance fraud. The investor report relies on whistleblower complaints, interviews with former employees, public lawsuits, and other credible sources. Based on that information, the report concludes that instances of insurance fraud have been unearthed at the Company’s sales agencies that account for $200 million of the annualized life premiums paid by customers, or roughly 60% of all premiums. The rampant instances of insurance fraud seem to stem from a perverse bonus structure that compensates agents for the life of an insurance policy within a short amount of time (usually within 6 months), even if the policy itself is cancelled shortly after that time. As a result, sales agents have an incentive to commit fraud, sometimes paying the premiums themselves with bonus money, with little oversight from the Company.
As a result of these wrongful actions, Globe Life is currently party to numerous lawsuits and investigations, including an investigation by the Department of Justice (“DOJ”).
BFA is concerned that the board of directors and certain senior management of Globe Life may have breached their fiduciary duties. BFA intends to take all actions necessary to protect the interests of Globe Life stockholders and to ensure that the fiduciaries are held accountable for the Company’s pervasive violations of the law.
Click here if you are a long-term holder: https://www.bfalaw.com/cases-investigations/globe-life-inc.
What Can You Do?
If you are a current holder of Globe Life Inc. stock, you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/globe-life-inc
Or contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/globe-life-inc
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