Read previewShares of insurance giant Globe Life Inc. plunged 53% today and trading was halted eight times after a short-seller issued a damning narrative on the company.
(Globe Life, AIL, and the other defendants denied the allegation in a legal filing.)
Meanwhile, Warren Buffett's Berkshire Hathaway sold all 6.35 million shares of Globe Life stock the investor once held.
In his April 3 presentation to investors, Koppikar called Globe Life "a dead-end pyramid scheme."
He predicted that the DOJ investigation will hinder recruiting, "which is the lifeblood for pyramid schemes like Globe Life."
Persons:
—, Arias, Panda, Fuzzy Panda, Steve Greer, Dave Zophin, Trina Orlando, Renee Zinsky, Zinsky, AIL, Simon Arias, Michael Russin, Amy Williamson, Zinsky's, Russin, Warren Buffett's Berkshire Hathaway, John Kane, Matthew D, Williamson, wasn't, I'm, Michael Clark, Renee, Jennifer Haworth, Abeni Mayfield, Susan Antilla, Orlando, Nate Koppikar, Haworth, J, Matthew Darden, Russin's, Koppikar
Organizations:
Service, Inc, Business, BI, Organization, Globe, AIL, Arias Organization, Agencies, Opportunity, Department of Justice, Globe Life, Russin, AAA, Orlando, Alpha, Reuters, DOJ
Locations:
Globe's, Pittsburgh, Columbia , Maryland, Mayfield, Arias