NEW YORK, Feb. 12, 2018 /CNW/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Aflac Incorporated ("Aflac" or the "Company") (NYSE: AFL) and certain of its officers, on behalf of shareholders who purchased Aflac securities during the period between February 27, 2013 and January 11, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/afl.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) Aflac hired its sales associates under false promises of high compensation packages and work- life-balance; (2) Aflac misclassified its employees as independent contractors to reduce costs associated with unemployment insurance taxes and employment benefits; (3) Aflac manipulated its average weekly producer equivalent metric to fabricate growth; (4) consequently, Aflac violated its Code of Conduct and corporate social responsibility standards, and (5) as a result of the foregoing, Aflac's public statements were materially false and misleading at all relevant times.
On January 11, 2018, post-market, The Intercept published an article entitled "Behind the Duck: Former Aflac Employees Allege Fraud and Abuse in Nearly Every Aspect of Company." Citing "interviews with multiple current and former employees, as well as three previously unreported lawsuits," the article reported that "Aflac has exploited workers, manipulated its accounting, and deceived shareholders and customers." Among other issues, the article described "employees under pressure to meet sales goals selling policies without customer authorization or consent, illegally 'bundling' policies, and issuing others to ineligible customers"; the Company's "[m]assaging of key operational metrics to prove company growth to investors"; "[e]arnings statement manipulation, by moving sales earned in certain weeks into different quarters to hit numbers"; and "[r]etaliation against whistleblowers". On this news, Aflac's share price has fallen sharply during intra-day trading on January 12, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/afl or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.