NEW YORK —Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Aflac Incorporated (NYSE: AFL) (“Aflac” or the “Company”) and other defendants, related to alleged violations of federal securities laws. If you purchased Aflac securities between February 27, 2013 and January 11, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for additional information.
Through its subsidiaries, Aflac provides supplemental insurance to individuals.
The lawsuit alleges that Defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) Aflac hired its sales associates under false promises of high compensation packages and work-life-balance; (ii) Aflac misclassified its employees as independent contractors to reduce costs associated with unemployment insurance taxes and employment benefits; (iii) Aflac manipulated its average weekly producer equivalent metric to fabricate growth; (iv) consequently, Aflac violated its Code of Conduct and corporate social responsibility standards, and (v) 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.”
On this news, Aflac’s stock price fell from a close price of $91.69 on January 11, 2018, to a close price of $84.94 on January 12, 2018, a drop of approximately 7.36%.
What You Can Do
If you purchased Aflac securities between February 27, 2013 and January 11, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at [email protected].Investors have until April 16, 2018, to move for lead plaintiff.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.