Abacus Global Management, Inc. filed a lawsuit on July 1, 2025, against Coventry First LLC and its Chairman, Alan Buerger, in Florida’s Ninth Circuit Court. The lawsuit alleges a multi-year campaign of defamation and anticompetitive conduct, claiming Coventry systematically disseminated false and misleading information about Abacus's valuation methodology.
Abacus alleges that Coventry used short seller Morpheus Research as a 'megaphone' for its defamatory statements, leading to significant financial injury and a drop in Abacus's market capitalization. The lawsuit seeks hundreds of millions of dollars in damages. Abacus CEO Jay Jackson stated that Coventry is losing market share due to Abacus's transparent pricing model.
The lawsuit details that Abacus uses a market-based fair value accounting for its balance sheet, which is corroborated by actual policy sales consistently exceeding its valuations. Abacus also clarified that Lapetus Solutions is one of six life expectancy providers used for consumer policy pricing, not for balance sheet valuations, directly refuting Coventry's central claims.
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