Globe Life, Inc., one of North Texas' largest insurance providers, lost more than half of its value on Thursday after allegations of potential fraud by a group called Globe Life stock.
The stock collapse on Thursday wiped out $5-billion dollars in value for Globe Life , Inc., according to the Wall Street Journal., one of North Texas' largest insurance providers, lost more than half of its value on Thursday after allegations of potential fraud by a group called
The issue began when a group called Fuzzy Panda Research said it had taken a short position in the company after conducting an investigation it alleged revealed evidence of wide-ranging insurance fraud. Investors make money in so-called short positions when the value of a company goes down. Globe Life responded after the market closed and said it was disappointed to see"self-motivated short sellers push inflammatory allegations" to drive its stock price down.
Globe Life, Inc. employs more than 3,000 people at its headquarters in McKinney. The company also purchased the naming rights to the Rangers ballpark in Arlington. In 2017, Globe Life extended its naming rights agreement through 2048.
Stock Collapse Globe Life Insurance Provider Fraud Allegations Short Position
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