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GL.US
id: 1209

Globe Life (GL) Insurance Fraud and Etical Violations Case

E.D. Texas
Court
4:24-cv-00376
Case number
08 May 2019
Class period Start
10 Apr 2024
Class period End
01 Jul 2024
Lead Plaintiff motion deadline
  • $GL stockholder filed a claim vs. Globe Life for artificially inflating its stock prices through false statements, and violations of Company's own Code of Ethics.
  • On April 11, 2024, on the news of the real state of affairs at Global, $GL plummeted 53.14%, losing $5.2B+ of shareholder value.
During the Class Period, Globe Life reported consistent premium revenue growth at the Company achieved through increased agent count and productivity.
The Company also represented that its employees adhered to a Code of Conduct that expressly prohibited various forms of misconduct.

On April 11, 2024, investment research firm Fuzzy Panda published a report stating that, since 2017, Globe Life had engaged in widespread insurance fraud, including
  • underwriting policies for dead and fictitious people,
  • adding policies to existing customers’ accounts without their consent.
In addition, Fuzzy Panda uncovered evidence that Globe Life subsidiaries maintained a hostile workplace where sexual harassment, drug use, and sexual assault went unchecked.

When the truth emerged, $GL plummeted 53.14%, losing $5.2B+ of shareholder value.

Considering all the representations, investors have reasons to suspect that Globe Life was artificially inflating its stock prices through insurance fraud, and covering up violations of Company's own Code of Ethics.

Globe Life investors can join this case to be notified about potential recovery.

One of the investors has already filed a class action against the Company for insurance fraud and maintaining a hostile workplace in Eastern District of Texas court.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
11 April 2024
Filing date
30 April 2024
Lead Plaintiff Deadline
01 July 2024
Collecting participants…

Globe Life Inc

Globe Life Inc., through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle- and middle-income families in the United States. The comp...

    Ticker
    GL.US
    ISIN
    US37959E1029
    CIK
    320335
    Sector
    Financial Services
    Industry
    Insurance - Life
    Country
    USA
    Address
    3700 South Stonebridge Drive, McKinney, TX, United States, 75070-8080