Herbalife admits it overstated membership figures
Nutrition company Herbalife acknowledged Thursday that it had overstated its membership figures in an admission that could fuel more scrutiny of the company's business model.
The company said in a U.S. Securities and Exchange Commission filing that it had misreported "active new member" figures.
Herbalife has faced multiple federal investigations over its business practices and accusations from hedge fund investor Bill Ackman that the company is running an illegal pyramid scheme. Herbalife has denied those allegations and accused Ackman of stock manipulation.
The company blamed... read more
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