Globe Life audit committee finds no merit to short seller claims

Globe Life said its audit committee has completed its review 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 by the law firm WilmerHale and the forensic accounting firm FTI Consulting. 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 Globe Life “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.