NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Aflac Incorporated (“Aflac” or the “Company”) (NYSE:AFL) of the April 16, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Aflac stock or options between February 27, 2013 and January 11, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/AFL. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the Middle District of Georgia on behalf of all those who purchased Aflac common stock between February 27, 2013 and January 11, 2018 (the “Class Period”). The case, Martin v. Aflac Incorporated et al, No. 4:18-cv-00031 was filed on February 9, 2018 and has been assigned to Judge Clay D. Land.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Aflac hired its sales associates under false promises; (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, Aflac’s public statements were materially false and misleading.
Specifically, after market close on January 11, 2018, the news publication The Intercept released a report revealing undisclosed lawsuits against Aflac for exploitation of workers, manipulation of accounting, and insider trading. On this news, Aflac’s share price fell from $91.69 per share on January 11, 2018 to a closing price of $84.94 on January 12, 2018—a $6.75 or a 7.36% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Aflac’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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