SAN DIEGO, April 14, 2024 (GLOBE NEWSWIRE) — DiCello Levitt LLP announces that it is investigating whether Globe Life Inc. (“Globe Life” or the “Company”) (NYSE: GL) complied with federal securities laws. The firm’s investigation focuses on whether the Company violated the federal securities laws and issued false and/or misleading statements and/or failed to disclose information required to be disclosed to investors.
Investors who purchased Globe Life securities and those with information about the allegations are encouraged to obtain additional information and assist the firm’s investigation by contacting DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com.
No Case Has Been Filed and No Class Has Been Certified. Until a case is filed and a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Investigation Details:
Globe Life is a $10 billion insurance company that sells policies through multiple subsidiaries. The biggest subsidiary is American Income Life (AIL), which accounts for 39% of total premiums; and 50% of total underwriting profits.
On April 11, 2024, Fuzzy Panda Research published a critical research report titled “Globe Life (GL): Executives Disregarded Wide-Ranging ‘Insurance Fraud’ While They Received Millions in Undisclosed Kick-Back Scheme,” alleging, among other things, that it “uncovered extensive allegations of insurance fraud ignored by management despite being obvious and reported hundreds of times.” According to the report, Fuzzy Panda claims that the alleged fraud and “bribery and kickback scheme” is confirmed through interviews with dozens of former executives and agents, a whistleblower from the executive ranks, undercover investigations, and a former VP at AIL who told Fuzzy Panda that he sent over 200 emails detailing the fraud to Globe Life executives.
In response to the Fuzzy Panda Research report, shares of Globe Life plunged to their lowest in over a decade on April 11, 2024, falling more than 53% (or more than $55) from its close on April 10, 2024, to end the trading session at $49.17.
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