On April 11, 2024, Fuzzy Panda Research published a report entitled, “Globe Life (GL): Executives Disregarded Wide-Ranging “Insurance Fraud” While They Received Millions in Undisclosed Kick-Back Scheme.” The report alleged many issues, including insurance fraud which was reported and subsequently ignored by management. Additionally, the report made allegations of policies written for dead and fictitious people, forced signatures, funds withdrawn from consumers’ bank accounts without approval, and fictitious bank accounts used to fund numerous fake policies.
On this news, Globe Life’s stock fell $55.76 per share, or 53%, to close at $49.17 per share on April 11, 2024, on unusually heavy trading volume.
