Bronstein, Gewirtz & Grossman LLC reminds Globe Life Inc. investors to join class action lawsuit

NEW YORK, NY / ACCESSWIRE / May 27, 2024 / Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Globe Life Inc. (“Globe Life” or “the Company”) (NYSE:GL) and certain of its officers.

Class definition:

This action seeks to recover damages from defendants for alleged violations of the federal securities laws on behalf of all persons and entities who purchased or otherwise acquired Globe Life securities between May 8, 2019 and April 10, 2024, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the Company’s website: bgandg.com/GL.

Case details:

According to the lawsuit, Globe Life is an insurance company based in McKinney, Texas, that offers a wide range of insurance products, including life insurance, mortgage insurance, and supplemental health insurance. Globe Life operates five wholly owned subsidiaries. The largest, both by premiums collected and number of sales representatives employed, is American Income Life Insurance Company (“AIL”).

Throughout the class period, the lawsuit alleges, Globe Life boasted of its steady revenue growth, particularly at AIL, which accounted for 50% of the company’s profits in 2022 and 2023. During the class period, Globe Life reported steady growth in the company’s premium income, led by steady growth in premium income at AIL. The company also stated that its employees adhered to a code of conduct that explicitly prohibited various forms of misconduct and that required all Globe Life employees to comply with relevant laws and regulations, which was supposedly intended to ensure that the company maintained a workplace free of violence, threatening behavior, and illegal drugs.

The complaint alleges that, due to misrepresentations made by defendants, Globe Life common stock traded at artificially inflated prices throughout the Class Period.

The truth came to light on April 11, 2024, when investment research firm Fuzzy Panda published a report, according to the complaint, alleging that Globe Life engaged in widespread insurance fraud while allowing a culture of rampant sexual harassment. Specifically, the report alleged that several Globe Life subsidiaries underwrote policies for dead and fictitious individuals and added policies to existing users’ accounts without their consent. In addition, the investment research firm uncovered evidence that the subsidiaries maintained a hostile workplace where sexual harassment, drug use, and sexual assault went unpunished – behavior that violated the company’s code of conduct.

As a result of these disclosures, the price of Globe Life’s common stock decreased by $55.76, or 53%, from a closing price of $104.93 per share on April 10, 2024, to a closing price of $49.17 per share on April 11, 2024, according to the complaint.

What’s next?

A class action lawsuit has already been filed. If you would like to review a copy of the lawsuit, you can visit the firm’s website: bgandg.com/GL or you can contact Peretz Bronstein, Esq. or his Client Relations Manager Nathan Miller of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss at Globe Life, you have until July 1, 2024 to request that the court appoint you as lead plaintiff. Your ability to share in any compensation is not dependent on your serving as lead plaintiff.

There are no costs for you

We represent investors in class action lawsuits on a contingency basis, meaning we ask the court to reimburse us for our expenses and attorney fees (usually a percentage of the total award) only if we win.

Why Bronstein, Gewirtz & Grossman:

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized law firm representing investors in securities fraud class action lawsuits and shareholder actions involving derivatives trading. Our firm has recovered hundreds of millions of dollars for investors nationwide.

Attorney advertising. Past results do not guarantee similar results.

Contact:

Bronstein, Gewirtz & Grossman, LLC

Peretz Bronstein or Nathan Miller

332-239-2660 | (email protected)

SOURCE: Bronstein, Gewirtz and Grossman, LLC