Globe Life Inc.

22/07/2024 | Press release | Distributed by Public on 22/07/2024 17:30

Material Event Form 8 K

Item 8.01 Other Events.
As we first disclosed on April 23, 2024, the Audit Committee of Globe Life's Board of Directors conducted an independent investigation of allegations regarding the Company contained in reports published by two short sellers, "Fuzzy Panda Research" and "Viceroy Research." The Audit Committee was assisted in its review (the "Independent Review") by the law firm WilmerHale and the forensic accounting firm FTI Consulting. The Independent Review was thorough and focused on allegations that raised questions about the accuracy of the Company's financial statements and disclosures, and the Company's process for preventing, identifying, and responding to misconduct.
The Audit Committee has completed its review. The Independent Review did not identify any matters requiring adjustments to the Company's previously issued financial statements or related disclosures in its filings with the Securities & Exchange Commission or the integrity of the Company's process as related to its reporting and disclosure obligations. In addition, the Audit Committee confirmed that the Company has policies and procedures designed to safeguard the quality of the work experience and is committed to taking steps to ensure their efficacy. As a result, the Audit Committee determined that there is no merit to the short sellers' various allegations regarding financial accounting, reporting, and disclosure matters, including their allegation that Globe Life engaged in "wide-ranging insurance fraud" resulting in inaccurate or misleading financial reports.