Globe Life Sank by Record on ‘Inflammatory’ Short Report
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Globe Life Inc. dropped by a record on Thursday, closing at the lowest level in eight years after a short-seller report that the company refuted.
Shares dropped 53% during regular hours trading in a frenzied sell-off that triggered multiple volatility halts through the day. The rout followed a critical report from Fuzzy Panda Research, which said it had a short position in the life insurance company. Globe Life said it was disappointed to see “self-motivated short sellers push inflammatory allegations” in order to drive its stock price down, and that the company would look at all means of legal recourse.