“I don’t believe that insulates Aflac from the charge that they were deceiving the market,” said Dimitry Joffe, co-counsel for the former employees. “These are cosmetic changes designed to hide the problems we raised instead of fixing them.”
THE INSURANCE FIRM Aflac has exploited workers, manipulated its accounting, and deceived shareholders and customers, according to nine former employees. This article is based on interviews with multiple current and former employees, as well as three previously unreported lawsuits.
The allegations contained in the lawsuits involve nearly every aspect of Aflac’s business and have already led to a series of investigations by state and federal regulators. But though Aflac’s top management and board of directors have known about the claims for over a year, they have not disclosed anything to shareholders in public filings with the Securities and Exchange Commission beyond generalities about unnamed pending lawsuits that they say they expect will not hurt the company’s bottom line.
joffe.law 