If you invested in Globe Life and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses »

05/08/2019 - 04/10/2024


Complaint 04/30/24


[email protected]

On April 11, 2024, the price of Global Life shares crashed as much as $57, or down about 54%, after Fuzzy Panda Research published a scathing research report entitled “Globe Life (GL): Executives Disregard Wide-Ranging ‘Insurance Fraud’ While They Received Millions in Undisclosed Kickback Scheme.”

The Fuzzy Panda report, based in part on interviews with dozens of former executives and agents, accuses Globe Life’s largest subsidiary (American Income Life, or “AIL”) of engaging in insurance fraud that includes: (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.

Fuzzy Panda further reported “[m]ore than three dozen former executives and sales agents said fraudulent business practices began to become widespread at AIL in 2017 as Steve Greer assumed the reins as chief executive and Dave Zophin joined first as executive vice president and then president[]” and “[o]ur interviews with former executives and dozens of former AIL sales agents implicate GREATER than $200 million of fraudulent annual life insurance premium (ALP) written by sales teams.”

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. The scheme allegedly involved executives’ concealing their ownership of an insurance license testing vendor (Xcel Testing) while directing recruits to Xcel to prepare for their licensing exam.


What is the GL investigation about?

We are investigating the propriety of Globe Life’s business practices.


I worked at GL. What should I do?

If you were an employee of GL, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.


What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.


Am I affected? What do I need to do to participate?

If you were an investor in GL, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any GL investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.

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