Shares of Herbalife (HLF) have tumbled after hedge-fund manager William Ackman said he would present evidence of fraud at the nutritional supplement company. CNBC has the details (and the video of Ackman’s comments):
Reuters Bill Ackman, head of hedge fund Pershing Square Capital Management, said his firm’s presentation of a Herbalife investigation will “expose incredible fraud.”
“We have hundreds of hours of internal video, Ackman told CNBC’s Halftime Report. “We have some internal documents that were given to us by some employees.”
“This will be the most important presentation that I have made in my career,” he said. “We won’t disappoint.”
None other than Jim Cramer Tweeted: “I reiterate, Ackman has decided to put $HLF out of business so he will. It is not that hard to do that if you have a ton of money.”
Shares of Herbalife have dropped 11% to $54.08 at 3:30 p.m. while Nu Skin (NUS) has fallen 2.4% to $60.91 and Usana Health Services (USNA) has declined 7% to $67.75.
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