Globe Life (NYSE:GL) stock is rising higher on Friday after the health insurance company released a statement pushing back against a recent short report.
Globe Life stock took a major beating on Thursday after the company was targeted in a short report from Fuzzy Panda. The firm brought up several concerns it has with the company’s business, leaders, legal problems and other issues.
Now Globe Life has a response ready, refuting the claims made against it. Here’s a small portion of what the firm had to say in a memo:
“The short seller analysis by Fuzzy Panda Research mischaracterizes facts and uses unsubstantiated claims and conjecture to present an overall picture of Globe Life that is deliberately false, misleading and defamatory. Globe Life intends to explore all means of legal recourse against the parties responsible.”
How This Affects GL Stock
Shares of GL stock are seeing heavy trading this morning after the company defended itself from the Fuzzy Panda short report. That brings with it some 8 million shares traded. For the record, its daily average trading volume is about 1.4 million shares.
GL stock is also up 15.6% as of Friday morning after this statement. However, the shares are still down 53.5% year-to-date (YTD) following the damage done by the short report.
There are even more stock market stories that traders are going to want to read about today below!
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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.
