Ackman Renews Herbalife Pyramid Claim in 40-Page Treatise
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Hedge fund manager Bill Ackman renewed his claim that Herbalife Ltd. is a pyramid scheme in a detailed 40-page treatise questioning everything from the company’s sales accounting to claims that it makes millionaires.
Ackman, whose Pershing Square Capital Management LP has sold short 20 million shares of the nutrition-products company, planned to post the document today on his website, factsaboutherbalife.com. Ackman also questioned new disclosures by Herbalife yesterday that detail distributor compensation.