NEW YORK, April 15, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Globe Life, Inc. (“Globe Life” or the “Company”) (NYSE: GL). The investigation concerns whether Globe Life and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
[Click here to learn more about the investigation]
On April 11, 2024, Fuzzy Panda Research published a report entitled “Globe Life (GL): Executives Disregard Wide-Ranging ‘Insurance Fraud’ While They Received Millions in Undisclosed Kickback Scheme.” The Fuzzy Panda report was based in part on “interviews with former executives” which implicated over “$200 million of fraudulent annual life insurance premium (ALP) written by sales teams.”
The Fuzzy Panda report alleged that Globe Life’s largest subsidiary engaged in insurance fraud. Specifically, such fraudulent activities included (1) writing policies for dead and fictitious people; (2) forging signatures; (3) withdrawing funds from consumers’ bank accounts without approval; and (4) using fictitious bank accounts to fund numerous fake policies so agents hit their bonuses. In addition, Fuzzy Panda alleges that Globe Life executives ran a $43 million bribery and kickback scheme to make money from the Company’s own recruits.
On this news, the price of Globe Life shares declined by $55.76 per share, or approximately 53.14%, from $104.93 per share on April 10, 2024 to close at $49.17 on April 11, 2024.
If you purchased or otherwise acquired Globe Life securities, have information, or would like to learn more about this investigation, 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.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
