Boston – Hedge fund mogul William Ackman, who has spent more than two years accusing Herbalife Ltd of running a pyramid scheme, said on Monday that shutting down the company is the most important thing he can do.
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Speaking at a meeting of the Council of Institutional Investors’ in Washington, Ackman said again that Herbalife preys on a “vulnerable population” of undocumented Latinos and urged Herbalife investors in the audience to sell their stock.
The company has vehemently denied running a pyramid scheme ever since Ackman’s $20 billion hedge fund, Pershing Square Capital Management, first unveiled a $1 billion short bet against the company in December 2012. Federal and state regulators, including the Securities and Exchange Commission and the Federal Trade Commission, are investigating the company.
Herbalife’s stock closed at $42.72 on Monday, up 13.47 percent for the year.
It sure sounded like a pyramid scheme when i was invited to sell it many, many years ago.