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Aflac facing putative class-action complaint over misleading disclosures

Aflac Inc. is facing a putative class-action complaint over its allegedly misleading public disclosures.

At issue were the company's disclosures relating to recruiting practices, misclassification of independent contractors, manipulation of a sales metric and failure to adhere to its code of business conduct and ethics and corporate social responsibility standards. The complaint was filed in the U.S. District Court for the Middle District of Georgia on behalf of Aflac stock buyers between Feb. 27, 2013, and Jan. 11, 2018.

The complaint is seeking class-action certification; an undetermined amount for compensatory damages and interest, costs and expenses; and other unspecified equitable or injunctive relief.

Aflac said the lawsuit has no merit. The company plans to defend itself against the allegation and file a motion to dismiss the action.

Previously, investigative publication The Intercept reported that Aflac manipulated its accounting to present better earnings figures, misled newly hired employees, and illegally cross-sold products. However, Aflac rebuffed the claims and called the allegations false.