Another person is in the hospital, police say they have arrested a suspect.
Globe Life executives also told investors on its first-quarter earnings call Tuesday that the company has hired an external audit firm to investigate the claims.Updated:DALLAS — McKinney-based insurance company Globe Life disclosed details of a Department of Justice probe into its business Tuesday, as it rejectedto drop more than 50 percent earlier this month.
Globe Life executives also told investors on its first-quarter earnings call Tuesday that the company has hired an external audit firm to investigate the claims of fraud made by the group Fuzzy Panda Research. The claims caused the company’s stock to lose $5 billion in value, according to the Wall Street Journal.
Fuzzy Panda alleged that third-party policy sellers known to have committed insurance fraud contributed over 60% of the new business at American Income Life, which accounted for nearly half of the total underwriting margins last year. “In this instance we believe the short seller’s report represents a fundamental lack of understanding of the life insurance business generally and how our company operates and reports revenue,” said co-CEO Matthew Darden.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New season, new menu items at Rangers' Globe Life FieldThe Texas Rangers' Opening Day is this Thursday, and a new season comes with new merchandise and new menu items.
Read more »
Letters to the Editor — U.S. House, polls, abortion, Globe Life Field, civic ChristiansLetters to the Editor
Read more »
Stocks making the biggest moves midday: Globe Life, JPMorgan, Zoetis, Wells Fargo and moreThese are the stocks posting the largest moves in midday trading.
Read more »
Globe Life Shares Rebound After Short Seller Report on Insurance FraudShares of Globe Life rebounded after a short seller report alleged instances of insurance fraud, including policies written for fictitious individuals and forged signatures.
Read more »
Globe Life shares rebound about 20% after plummeting over 50% ThursdayA short-seller uncovered 'extensive allegations of insurance fraud ignored by management despite being obvious and reported hundreds of times.'
Read more »
Stocks making the biggest moves before the bell: JPMorgan, BlackRock, Globe Life and moreThese are the stocks posting the largest moves in premarket trading.
Read more »