NEW YORK, Feb. 26, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Aflac Incorporated ("Aflac" or the "Company") (NYSE: AFL). Investors who purchased Aflac common stock between February 27, 2013 and January 11, 2018, inclusive (the "Class Period"), may be affected.
A class action complaint alleging violations of the Securities Exchange Act of 1934 has been filed in the United States District Court for the District of Georgia against Aflac and certain executives.
Aflac purportedly offers voluntary insurance policies designed to supplement traditional health insurance and protect individuals from depletion of assets and loss-of-income. Its products purportedly include insurance plans for accidents, cancer, critical illness/care, hospital indemnity, fixed-benefit dental, vision care life and short-term disability.
On January 11, 2018, post-market, the a publication called "The Intercept" published an article entitled "BEHIND THE DUCK: FORMER AFLAC EMPLOYEES ALLEGE FRAUD AND ABUSE IN NEARLY EVERY ASPECT OF COMPANY," revealing allegations by nine former Alfac employees of widespread fraud and abuse across the Company. The allegations were made in lawsuits brought by the employees against the Company.
The first trading day following the publication of the January 11 article, Aflac's common stock declined by $6.75 per share, or about 7.4%, to close at $84.94 per share on heavy trading volume.
The class action complaint alleges that throughout the Class Period, the defendants made materially false and/or misleading statements and/or failed to disclose that (1) Aflac hired its sales associates under false 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.
If you are a member of the proposed Class, you may move the court no later than April 16, 2018 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 800-290-1952. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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SOURCE Kaplan Fox & Kilsheimer LLP
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