Shares of Globe Life (GL.US), an S&P500-listed insurance company, fell more than 54% on Thursday, closing at their lowest level in eight years following a report on short-selling firm Fuzzy Panda Research. You can find detailed information about the above report here.
Fuzzy Panda claimed to have "uncovered extensive allegations of insurance fraud ignored by management." What's more, the report came after well-known short-game investor Nate Koppikar of Orso Partners called Globe Life a short-trade idea at the Sohn Investment Conference, held in New York last week.
"We reviewed the report and found it to be very misleading, mixing anonymous allegations with recycled points pushed by law firms to force Globe Life to settle," the - The company said in a statement. Ahead of the opening of today's trading session, Globe shares rebounded 5.5% on the company's assurances. The scale of the rebound, however, was clearly limited, as pre-session gains reached as high as 20% today.
The company's shares are currently trading at levels not seen since February 2016. Source: xStation
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