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Morpheus Research published on Abacus Global Management (NASDAQ: ABL — $586 million), a life settlements company. Morpheus said its 3-month investigation included “interviews with 33 industry experts & former [Abacus] employees” and alleged that Abacus engaged in “a scheme to systematically overvalue its assets, reminiscent of past life settlements blowups.” In particular, Morpheus alleged that Abacus has an inappropriately close relationship with a life expectancy data provider, Lapetus Solutions, which provides Abacus with low life expectancy predictions that inflate the values of Abacus’ life settlements. Morpheus highlighted that Abacus has invested $1 million in Lapetus and wrote, in part,
“Abacus’ co-founders have a litany of red flags in their pasts that include destroying records, involvement in bid rigging schemes, selling fraudulently procured life insurance policies, and endorsing notorious fund blowups… When Abacus Settlements applied for a life settlement providers license, the Florida insurance regulator initially denied the application, saying Abacus was not ‘worthy of a license’ due to a ‘lack of trustworthiness of the principals… which cannot be cured.’”
In response, Abacus said the Morpheus article was “a copy and paste of fiction from our largest competitor, who has been shopping this story for months.” Abacus also “authorized a new $20 million share repurchase program” and highlighted recent insider buying.
2023-07-28 USD 6.12 2023-07-28 USD 6.12