NEW YORK, May 01, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Globe Life, Inc. (“Globe Life” or the “Company”) (NYSE: GL) in the United States District Court for the Eastern District of Texas on behalf of all persons and entities who purchased or otherwise acquired Globe Life common stock between May 8, 2019 and April 10, 2024, both dates inclusive (the “Class Period”). Investors have until July 1, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Globe Life, an insurance company, offers various insurance products, including low-cost life insurance policies that provide comparatively lower payouts. Operating through its subsidiaries, American Income Life Insurance Company (AIL) being the largest, Globe Life has been accused of engaging in fraudulent activities.
According to the complaint, Defendants made materially false and misleading statements during the Class Period, particularly regarding Globe Life’s premium revenue growth, attributed to increased agent count and productivity. The Company’s Code of Business Conduct and Ethics, which emphasized an inclusive and welcoming environment with strict policies against violence, illegal drugs, and threatening behavior, is alleged to have been misrepresented.
On April 11, 2024, an investment research firm published a report exposing allegations of widespread insurance fraud by Globe Life since 2017. The report claimed that the company’s subsidiaries underwrote policies for deceased and fictitious individuals while adding policies to customers’ accounts without their consent. The research also revealed evidence of a hostile workplace environment marred by sexual harassment, drug use, and sexual assault. According to the filed complaint, these revelations led to a significant decline in the price of Globe Life common stock.
If you purchased or otherwise acquired Globe Life shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
