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Started By
Message
re: Herbalife trading halted; FTC launching investigation
Posted on 3/12/14 at 12:55 pm to Lsut81
Posted on 3/12/14 at 12:55 pm to Lsut81
quote:
Whats the investigation?
This is the snipet from MarketWatch:
quote:
NEW YORK (MarketWatch) - Trading in Herbalife Ltd. /quotes/zigman/361145/delayed/quotes/nls/hlf HLF -12.45% shares was halted Wednesday afternoon after the company confirmed it is being investigated by the Federal Trade Commission. The news came the day after hedge-fund financier Bill Ackman accused Herbalife of violating Chinese pay rules. He has also accused the company, which sells nutritional supplements, of being a pyramid scheme, and he has encouraged the FTC to investigate. Herbalife has adamantly denied Ackman's accusations. Wednesday, it said it had received a "Civil Investigative Demand" and that it "welcomes the inquiry given the tremendous amount of misinformation in the marketplace."
Shares stopped trading at 1:18 p.m. Eastern. At the time, they were up 4.5%. Trading of Nu Skin Enterprises Inc. /quotes/zigman/170032/delayed/quotes/nls/nus NUS -2.04% was halted at 1:29 p.m. Eastern because of rapid price swings. Nu Skin has a similar business model as Herbalife, relying on door-to-door sellers.
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