NEW YORK, May 03, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Texas on behalf of those who acquired Globe Life, Inc. (“Globe Life” or the “Company”) (NYSE: GL) securities during the period of May 8, 2019 through April 10, 2019 inclusive (“the Class Period”). Investors have until July 1, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On April 11, 2024 the investment research firm Fuzzy Panda reported that Globe Life and its subsidiaries had engaged in widespread insurance fraud by adding policies to existing users’ accounts without their consent, as well as underwriting policies for dead and fictitious people. The Fuzzy Panda report also alleged that Globe Life maintained a hostile workplace where drug use, sexual harassment, and sexual assault went unchecked. On this news, the price of Globe Life shares declined by $55.76 per share, or approximately 53%, from $104.93 per share on April 10, 2024 to close at $49.17 on April 11, 2024.
The lawsuit alleges that Globe Life made numerous materially false and misleading statements and omissions concerning: (i) Globe Life’s consistent premium revenue growth, particularly from its subsidiary American Income Life Insurance Company; and (ii) Globe Life’s Code of Business Conduct and Ethics (the Code of Conduct). Specifically, the Company’s repeatedly attributed Globe Life’s consistent premium revenue growth to increased agent count and productivity. In addition, Globe Life’s Code of Conduct stated, among other things, that [t]he Company is committed to providing an inclusive and welcoming environment, that [v]iolence and threatening behavior are not permitted, and that [t]he use of illegal drugs in the workplace will not be tolerated.
If you purchased or otherwise acquired Globe Life securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
