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SEC to Review Allegations That Aflac Misled Investors

  • Former workers accuse insurer of improper financial reporting
  • Company says claims have been found to be ‘without merit’

The U.S. Securities and Exchange Commission is reviewing whistle-blowers’ allegations that Aflac Inc. may have misled investors in reporting its financial results, according to two people familiar with the matter.

The complaint filed with the SEC on behalf of former workers accuses the Columbus, Georgia-based insurer of inflating a measurement of how many associates were making sales and suggests the firm possibly manipulated earnings by shifting the timing of when it booked revenue, according to one of the people and the document, which was reviewed by Bloomberg News.