Abacus Global Management Provides Update on Defamation Lawsuit Against Coventry and its Chairman Alan Buerger, which is Advancing in U.S. District Court
Last Month, the Court Ruled Plausible Evidence of a “scheme to destroy Abacus through suggestions of malfeasance” Exists – Depositions, including Chairman Buerger and Coventry Executive Team to Move Ahead
Abacus Alleged a Years-Long Campaign to Systematically Disseminate False and Misleading Information About the Publicly-Traded Company
Abacus Global Management, Inc. (“Abacus”) (NYSE: ABX), a leader in the alternative asset management space, today issued the following statement regarding its ongoing defamation and anticompetitive conduct lawsuit against Coventry First LLC, parent company of life settlements provider Coventry Direct (“Coventry”). The U.S. District Court, Middle District of Florida Orlando Division, has allowed the case to proceed via a ruling in June, and depositions are ongoing. The court ruled Abacus’s filings were plausible submissions to prove a scheme to destroy Abacus through suggestions of malfeasance.
In response, Coventry today released a handful of out of context documents that they claim prove their conspiracy theories about Abacus and life expectancy provider Lapetus Solutions that Coventry put out of business last year. The documents were attached to Coventry’s affirmative defenses and counterclaims to Abacus’s five-count complaint; notably, Coventry does not claim in its filing that Abacus engaged in anticompetitive conduct or unfair and deceptive business practice. In any event, none of these documents (or any others in the case) support Coventry’s wild claims that Abacus was using Lapetus to distort the market. The reality is that Coventry has no evidence that Lapetus systematically underestimated life expectancies, let alone deliberately, and Abacus’s financial statements and internal controls over financial reporting have been found “in compliance with GAAP by a respected public company auditor in every annual audit.”
