Globe Life (NYSE:GL) stock is taking a beating on Thursday after the company was targeted by Fuzzy Panda in a new short report.
The major crux of this short report is allegations of the company partaking in insurance fraud. Fuzzy Panda notes that this isn’t the case of a few bad apples and instead claims it’s more like the entire barrel is bad.
Fuzzy Panda came to these conclusions are talking about the issues with multiple former executives. That includes one that claimed to have sent more than 200 emails exposing insurance fraud to the company’s executives.
Fuzzy Panda claims to have confirmed this with undercover investigations into the company. During that time, the firm claims its agents were told about uplines, offered cash and drugs and were told to lie about their address to regulators.
GL Stock Drops Accusations
Fuzzy Panda also points to a handful of sexual assault cases concerning employees at the company. On top of that, the firm notes that Warren Buffett sold his stake in the company after 20 years and warned of not investing in “charlatans” in the insurance industry.
All of this news has GL stock down 17.5% as of Thursday morning. That comes with more than 6 million shares traded, as compared to a daily average of about 811,000 shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
