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HLF - Herbalife Nutrition Ltd
$47.49
0.01(0.02%)8:48:55 PM 3/8/2021
Herbalife Nutrition is a global multi-level marketing corporation that develops and sells dietary supplements. The company was founded by Mark Hughes in 1980, and it employs an estimated 8,900 people worldwide. The business is incorporated in the Cayman Islands, with its corporate headquarters located in Los Angeles, California. The company operates in 94 countries through a network of approximately 4.5 million independent distributors and members. The company has been criticized by, among others, hedge fund manager Bill Ackman of Pershing Square Capital, who claimed that Herbalife operates a "sophisticated pyramid scheme" after taking a $1 billion short position in Herbalife stock. Herbalife agreed to "fundamentally restructure" its business and pay a $200 million fine as part of a 2016 settlement with the U.S. Federal Trade Commission following accusations of it being a pyramid scheme. In November 2017, Ackman's hedge fund closed out its short position in Herbalife.
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