Case Summary

Globe Life

NYSE: GL

Case Details

  • City of Miami General Employees' & Sanitation Employees' Retirement Trust v. Globe Life Inc. f/k/a Torchmark Corporation et al.
  • Class Period: May 8, 2019 - April 10, 2024
  • Date Filed:April 30, 2024
  • Jurisdiction:U.S. District Court, Eastern District of Texas
  • Docket Number: 4:24-cv-00376
  • Lead Plaintiff Deadline: July 1, 2024
Days Left to
Seek Plaintiff
37

Overview

A class action lawsuit has been filed against Globe Life, Inc. f/k/a Torchmark Corporation (“Globe Life” or the “Company”) (NYSE: GL) and certain of the Company’s current and former senior executive officers alleging violations of the federal securities laws.  The Globe Life lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Globe Life common stock between May 8, 2019, and April 10, 2024, both dates inclusive (the “Class Period”).  Investors have until July 1, 2024, to seek appointment as lead plaintiff of the Globe Life class action lawsuit.

Globe Life is an insurance company offering a wide range of insurance products, including low-cost life insurance policies that offer comparatively lower payouts.  Globe Life operates through five wholly owned subsidiaries, the largest of which, by both premiums collected and number of sales agents employed, is American Income Life Insurance Company (“AIL”).

The lawsuit alleges that throughout the Class Period, Defendants engaged in wide-spread insurance fraud, therefore inflating the Company’s financial results.  According to the lawsuit, Defendants made numerous materially false and misleading statements and omissions concerning: (1) Globe Life’s consistent premium revenue growth, particularly from AIL; and (2) 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 the Company is committed to providing an inclusive and welcoming environment, that violence and threatening behavior are not permitted, and that the use of illegal drugs in the workplace will not be tolerated.

On April 11, 2024, investment research firm Fuzzy Panda reported that Globe Life and its subsidiaries had engaged in widespread insurance fraud by adding policies to existing users’ accounts without their consent, as well as underwriting policies for dead and fictitious people.  On this news, the price of Globe Life common stock declined by $55.76 per share, 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.

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If you purchased or otherwise acquired Globe Life common stock between May 8, 2019, and April 10, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Globe Life lawsuit is July 1, 2024.

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