Globe Life Shares Plunge 53% on Fraud Allegations, Company Vows Legal Action

• Globe Life Inc. stock plunged 53% on Thursday after fraud allegations by short seller Fuzzy Panda Research, wiping out $5 billion in market value

• Fuzzy Panda alleged over 60% of new business at Globe Life unit came from third-party sellers known for insurance fraud

• Globe Life responded that the report is "wildly misleading" and intends to legally pursue the parties responsible

• Globe Life employs over 3,000 people in McKinney and has naming rights to the Rangers' ballpark through 2048

• Stock rose slightly after hours but remains down sharply; market will closely watch price movement when trading resumes Friday morning