71°

Topics

Federal Trade Commission
Herbalife gains as Ackman presentation fails to convince
Herbalife gains as Ackman presentation fails to convince

Herbalife Ltd. shares rebounded as much as 10 percent, as hedge-fund manager Bill Ackman struggled to convince investors that the seller of weight-loss shakes is guilty of fraud. Speaking during what he's billed as the most important presentation of his career, Ackman said he estimates that the company's nutrition clubs lose $12,000 per year, on average. He didn't specify how he came to that conclusion. The presentation, which comes a day after Ackman compared Herbalife to Enron Corp., is ongoing. Ackman's firm, Pershing Square Capital Management LP, which is positioned to profit from Herbalife's falling share price, investigated 240 of the company's clubs...

Loading