GL) DiCello Levitt LLP announces shareholder class action lawsuit against Globe Life Inc. and encourages GL investors who have suffered losses to seek legal assistance



SAN DIEGO, May 1, 2024 (GLOBE NEWSWIRE) — Impact litigation law firm DiCello Levitt LLP announced that it has filed a class action lawsuit (NYSE: Symbol: NYSE:) (Globe Life or the Company) common stock issued between May 8, 2019 and April 10, 2024, inclusive (the Class Period), alleging that the Company and certain current and former senior executives Violation of federal securities laws. Globe Life investors have until July 1, 2024 to seek appointment as lead plaintiff in the class action lawsuit.

If you purchased Globe Life common stock between May 8, 2019 and April 10, 2024 and suffered a material loss, If you would like more information or to serve as lead plaintiff in this lawsuit, you can submit your information and contact us here: https://dicellolevitt.com/securities/globe-life/

You can also contact DiCello Levitt Partner Brian O'Mara at (888) 287-9005 or investors@dicellolevitt.com.

No case has been filed yet, and no category has been certified. Until a case is filed and the class is certified, you will not be represented by an attorney unless you retain an attorney. You can choose the lawyer of your choice.

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Globe Life is an insurance company that offers a wide range of insurance products, including life insurance, mortgage protection and supplemental health insurance. Globe Life operates five wholly-owned insurance subsidiaries, the largest of which “both in terms of premiums collected and number of sales agents employed” is American Income Life Insurance Company (AIL).

Throughout the class action period, Globe Life claimed continued growth, particularly from AIL, which accounted for 50% of the company's profits in 2022 and 2023. Revenue continues to grow. The company also said its employees adhere to a code of conduct that explicitly prohibits all forms of misconduct, ensuring the company maintains a workplace free of violence, threatening behavior and illegal drugs.

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However, Globe Life engaged in widespread insurance fraud, which resulted in Globe Life's financial performance being inflated. Additionally, Globe Life allowed a culture of unchecked sexual harassment to exist in direct violation of the company's Code of Conduct.

The truth came out on April 11, 2024, when Fuzzy Panda Research published a report titled “Globe Life (GL): Executives Received Millions in Undisclosed Kickback Scheme while Ignoring Broad ' “Insurance Fraud”, a critical research report, claims that since 2017, Universal Life has experienced large-scale insurance fraud. The report said several Universal Life subsidiaries were underwriting policies for deceased and fictitious people and adding policies to existing customers' accounts without the customers' consent. Fuzzy Panda uncovered widespread claims of insurance fraud that, despite being obvious, were ignored by management and reported hundreds of times, according to the report, based on interviews with dozens of former executives and agents. A high-level whistleblower, undercover investigation, and alleged bribery and kickback scheme were proven. Additionally, the investment research firm found evidence that Globe Life subsidiaries had hostile workplaces where sexual harassment, drugs and sexual assault went unchecked.

Affected by this news, Globe Life's stock price fell to its lowest point in more than a decade, falling more than 53% (over $55), closing at $49.17 as of the trading day on April 11, 2024.

About Desero Levitt

At DiCello Levitt, we are committed to pursuing justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our attorneys are highly respected for their ability to litigate and win cases “through trial, settlement or otherwise” for people who have suffered harm, for multinational corporations that have suffered significant financial losses, and for public clients seeking to protect the rights and interests of their citizens. . interest. Every day, we put our reputation and our capital on the line for our clients.

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In addition to its top-tier Chambers and Benchmark ratings, Disero-Levitt was named Plaintiffs Law Firm of the Year and Trial Innovation Law Firm of the Year by The National Law Journal. The New York Law Journal also recently recognized DiCello Levitt as an outstanding leader in trial innovation. For more information about the firm, including recent trial wins and case settlements, please visit www.dicellolevitt.com.

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