Shares of Herbalife Ltd. got pounded for a fourth straight trading day on Wall Street, as investors sent the stock diving an additional 5% on Monday.
The Los Angeles-based marketer of nutrition powders, bars and vitamins has seen its stock price plummet since New York hedge fund manager Bill Ackman last week called the company's business a pyramid scheme. Its shares have lost about 40% since Ackman lodged his allegations.
After falling as much as 10% early Monday during Wall Street's abbreviated Christmas Eve session, the company's shares were trading midway through the session at $25.83, down $1.44, or 5.3%, from their closing price Friday.
Major U.S. stock indexes were meanwhile down about 0.3%.
Herbalife, a so-called multilevel marketing firm that sells its products through a network of individual distributors in more than 80 countries, has been on the defensive since Ackman, head of Pershing Square Capital Management, made his detailed case during a presentation in New York last week.