Coventry First LLC responded on July 2, 2025, to the lawsuit filed by Abacus Global Management, Inc., calling it a 'baseless lawsuit' and a 'transparent ploy.' Alan Buerger, Coventry's Chairman, stated that the lawsuit is designed to delay accountability and deflect attention from problems of Abacus's own making.
Coventry reiterated its belief that Lapetus systematically underestimates life expectancies, directly threatening investor returns, a belief it claims is validated by expert analysis. Coventry asserted that Abacus's claims in its lawsuit contradict numerous statements Abacus has made in SEC filings regarding the use of Lapetus for policy valuation.
Specifically, Coventry highlighted Abacus's SEC disclosures that it 'utilizes a multitude of inputs to determine the fair value of the policies it holds, which may include life expectancy reports generated by a company in which [Abacus] holds a minority ownership interest,' referring to Lapetus. Coventry also stated it had no prior knowledge of Morpheus Research before its short report.
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