GLOBE LIFE INC. (NYSE: GL) INVESTOR ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Globe Life Inc. f/k/a Torchmark Corporation

By: Bernstein Liebhard LLP via GlobeNewswire

May 01, 2024 at 12:15 PM EDT

NEW YORK, May 01, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:

Do you, or did you, own shares of Globe Life Inc. (NYSE: GL)?
Did you purchase your shares between May 8, 2019 and April 10, 2024, inclusive?
Did you lose money in your investment in Globe Life Inc.?
Do you want to discuss your rights?

Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Globe Life Inc. f/k/a Torchmark Corporation (“Globe Life” or the “Company”) (NYSE: GL) between May 8, 2019 and April 10, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Eastern District of Texas and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased or acquired Globe Life common stock, and/or would like to discuss your legal rights and options please visit Globe Life Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or [email protected].

According to the Complaint, throughout the Class Period, Defendants made numerous materially false and misleading statements and omissions concerning: (i) Globe Life’s consistent premium revenue growth, particularly from American Income Life Insurance Company; and (ii) Globe Life’s Code of Business Conduct and Ethics (the “Code of Conduct”). Specifically, Defendants repeatedly attributed the Company’s consistent premium revenue growth “to increased agent count and productivity.” In addition, Globe Life’s Code of Conduct stated, among other things, that “[t]he Company is committed to providing an inclusive and welcoming environment,” that “[v]iolence and threatening behavior are not permitted,” and that “[t]he use of illegal drugs in the workplace will not be tolerated.”

The truth was revealed on April 11, 2024, when investment research firm Fuzzy Panda published a report alleging that, since 2017, Globe Life had engaged in widespread insurance fraud. The report alleged that several Globe Life subsidiaries were underwriting policies for dead and fictitious people, as well as adding policies to existing customers’ accounts without their consent. In addition, the investment research firm uncovered evidence that Globe Life subsidiaries maintained a hostile workplace where sexual harassment, drug use, and sexual assault went unchecked.

On this news, Globe Life’s stock price fell $55.76 per share, or 53.19%, to close at $49.17 per share on April 11, 2024.

If you wish to serve as lead plaintiff, you must move the Court no later than July 1, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.

ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]