Globe Life (GL) shares lost more than half their value Thursday after short seller Fuzzy Panda Research said it had taken a short position in the compan🍌y after conducting an investigation it alleged revealed evidence of wide-ranging insurance fraud. 

“We uncovered extensive allegations of insurance fraud ignored by management despite being obvious and reported hundreds of times,” the researchers wrote in their report.

Fuzzy Panda accused executives of partaking in a kickback scheme ❀and alleged Globe Life sales teams wrote policies for deceased and fictitious customers. 

The report also alleged that fraud has artificially inflated Globe Life's business growth and financials. About 60% of new business at Globe subsidiary American Income Life, which accounts for about half of Globe's profits, "came from sales teams known to be rife with bad actors," the report said. Those teams, the researchers said, have grown sales by 16% on average over the last 4 years, while "Clean & Non-questionable teams" saw sales decline in the same period.

Globe Life representatives, when asked for comment, said the company would issue a ꦐꦺstatement shortly.

Gl⛦obe Life stock, part of the S&P 500, fell 53% to finish Thursday at $49.17, the lowest closing level in eight yearꦑs.