Nearly 15 months ago, Wall Street hedge fund manager Bill Ackman placed a billion dollar Wall Street bet that Herbalife, the nutritional supplement company, was an illegal pyramid scheme. Despite a major publicity and lobbying campaign, the company continued to operate and Ackman’s fund lost as much as a half-billion dollars on the bet.
But last week, the Federal Trade Commission announced it was opening an investigation into Herbalife. This was a watershed moment for Ackman and others who followed his lead. The announcement of an FTC investigation seemed to show that his claims about Herbalife had merit, and that one of the biggest players in an often-criticized industry wasn’t merely in the sights of a hedge fund manager; it was...
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