Insurer Globe Life Stock Slammed After Short-Seller Alleges Widespread Fraud

Shares of insurance company Globe Life lost more than half their value Thursday after a short seller alleged a range of financial misconduct at the company. The crash has wiped out more than $5 billion from the company’s valuation in a matter of hours, far eclipsing a 14% single-day decline at the peak of the 2008 financial crisis as the company’s worst day on record. Representatives at Globe Life did not immediately comment on the allegations or the shares’ performance.