Globe Life, Inc.
Case Overview
Status: | Status: Investigating |
Company Name: | Company Name: Globe Life, Inc. |
Ticker: | Ticker: GL |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
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.
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.
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.