Herbalife Clean Audit Won’t Deter Ackman in Pyramid Claim
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Hedge fund manager Bill Ackman, who’s already lost as much as $500 million betting against Herbalife Ltd., is sticking to his case that the company is an illegal pyramid scheme after it said a re-audit found no material changes.
Herbalife, a maker of vitamins and meal-replacement shakes, said in a statement yesterday that PricewaterhouseCoopers LLP completed a review of the fiscal years ended Dec. 31 in 2010, 2011 and 2012, and the company is now up to date on its filings with the U.S. Securities and Exchange Commission.