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Herbalife Tumbles After Ackman Vows to Reveal Enron-Like Fraud

BuiKia

Alfrescian (InfP)
Generous Asset
Herbalife Ltd. shares fell the most in three months after billionaire Bill Ackman vowed to show Enron Corp.-like fraud at the seller of supplements and weight-loss shakes.

Ackman, head of Pershing Square Capital Management LP, said his firm has devoted $50 million of investors’ money to prove that Herbalife is a pyramid scheme. The results of the two-year undercover investigation, which focuses on Herbalife’s nutrition clubs, will be released at a presentation in New York tomorrow.

“Trust me, when you see the stuff we have tomorrow, you will conclude the money was well spent,” Ackman said in an interview on Bloomberg Television. He suggested that the nutrition clubs -- part of Herbalife’s direct-selling approach - - resemble the fake trading rooms set up by Enron before accounting fraud led to that company’s bankruptcy in 2001.

Ackman has waged a battle to shut down Los Angeles-based Herbalife since December 2012. He has bet $1 billion against the company, saying it misleads distributors, misrepresents sales figures and sells a commodity product at inflated prices. U.S. regulators and law enforcement also are investigating allegations that the business is a pyramid scheme.

Herbalife’s stock fell 11 percent to $54.02, marking the biggest one-day decline since April 11. The shares had tumbled 31 percent this year.

Tomorrow’s presentation, which will be webcast starting at 10 a.m., will give new information to back up Pershing Square’s claims, the hedge fund said in a separate statement.

“An in-depth analysis and examination of these clubs -- which Herbalife claims are simply social gatherings that bring people together to focus on good nutrition and exercise -- reveal that they are a core driver of Herbalife’s pyramid scheme,” Pershing Square said.

Herbalife responded to the statements today on Twitter, saying it was confident in the integrity of the company and that “the truth will prevail.”

“Ackman’s theatrics are increasingly desperate,” the company said through its HerbalifeTruth account. Herbalife “is proud of role that nutrition clubs play in helping people lose weight and stay healthy.”

Ackman said on Bloomberg Television that his firm will turn over its findings to regulators.

“Our goal was to catalyze regulatory interest in the company,” Ackman said. “We spent the last year with undercover investigators in multiple countries and in the United States participating and trying to figure out -- and ultimately figuring out -- how nutrition clubs work and we have hundreds of hours of recorded conversations.”
 

wikiphile

Alfrescian (InfP)
Generous Asset
In short.

He is short selling the shares. He will make a killing if herbalife share price goes south. This is no quest for the truth, the only truth here is his greed. Sounds like your typical egomanical james bond type of villian.
 

laksaboy

Alfrescian (Inf)
Asset
I saw a lot of Herbalife car stickers on the roads and plenty of Herbalife people sharing 'income opportunity' on social media. :biggrin:
 

laksaboy

Alfrescian (Inf)
Asset
Isn't it a known fact that herbalife is MLM?

Oh no, it's a wonderful opportunity to have your own business, realize your dreams. And the products are excellent too with a great track record, that's why you won't find them in retail stores. :wink:
 

yellowarse

Alfrescian (Inf)
Asset
Isn't it a known fact that herbalife is MLM?

Herbalife, USANA, Pharmanex, Douglas Labs, etc are all MLM supplements/nutritionals companies. And all MLMs are pyramid schemes. Period. The 500% mark-up that goes into every product feeds the few big sharks at the top of the pyramid.
 

Narong Wongwan

Alfrescian (Inf)
Asset
in singapore, the mother of all MLM are amway and tupperware

Amway ain't as big here as in say Thailand....
There's another up and coming one....forgot the name....deals with traveling.....dumb tagline 'wish you were here'.....been inundated with people trying to sell me a package.
Vomit Singh is there spokesman
 

jw5

Moderator
Moderator
Loyal
You can always use the tagline to tell them "Wish you were/would ...................................... " :wink:

Actually I haven't heard of this, but the moment you mention vomit spokesman, half sian already...................... :biggrin:

Amway ain't as big here as in say Thailand....
There's another up and coming one....forgot the name....deals with traveling.....dumb tagline 'wish you were here'.....been inundated with people trying to sell me a package.
Vomit Singh is there spokesman
 

Narong Wongwan

Alfrescian (Inf)
Asset
You can always use the tagline to tell them "Wish you were/would ...................................... " :wink:

Actually I haven't heard of this, but the moment you mention vomit spokesman, half sian already...................... :biggrin:

Did a search.
It's called world ventures.
The tagline is 'You should be here'.....
All the morons got pic of themselves holding up a banner with the tagline.
See anyone with this avatar....siam far far
 

frenchbriefs

Alfrescian (Inf)
Asset
u need $50 million to prove that something is a fraud and a pyramind scheme?i think this ackman is a bigger fraud himself.

by the way this herballife company sounds like a very healthy company?why is it a pyramind scheme?does it promise i will become rich if i buy their coughdrops with 7 herbs and mountain dew?
 

KNNBXCB

Alfrescian (Inf)
Asset
The biggest MLM is SBF points system. How else do you get a few old men who fuck each other daily over some virtual numbers :biggrin:
 

laksaboy

Alfrescian (Inf)
Asset
Amway ain't as big here as in say Thailand....
There's another up and coming one....forgot the name....deals with traveling.....dumb tagline 'wish you were here'.....been inundated with people trying to sell me a package.
Vomit Singh is there spokesman

[video=youtube;ljjiGKQcXWk]http://www.youtube.com/watch?v=ljjiGKQcXWk[/video]

These MLMs certainly love to rope in the local celebs to do their sales pitch for them. :rolleyes:

More fame = more legitimacy. :rolleyes:
 

laksaboy

Alfrescian (Inf)
Asset
Here's another one, Cynthia Koh:

[video=youtube;3JwHH0xxcA4]http://www.youtube.com/watch?v=3JwHH0xxcA4[/video]
 

Cerebral

Alfrescian (InfP) [Comp]
Generous Asset
In short.

He is short selling the shares. He will make a killing if herbalife share price goes south. This is no quest for the truth, the only truth here is his greed. Sounds like your typical egomanical james bond type of villian.

If he makes by exposing scams, i think he well deserved it
 
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