Herbalife Falls for Second Day After Chinese Newspaper Report
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Herbalife Ltd., the nutrition company accused of being a pyramid scheme by hedge fund manager Bill Ackman, fell for a second day after a U.S. senator called for a probe into its operations and on a report that a Chinese media outlet raised suspicions about the company’s legality.
The shares slid 8.9 percent to $60.06 at the close in New York after dropping 10.4 percent yesterday. Cayman Islands-based Herbalife more than doubled last year.