February 20, 2013 |
One voice that was not heard during Herbalife Ltd.'s conference call with analysts Wednesday morning was hedge fund manager Bill Ackman, who has accused the company of operating a pyramid scheme and shorted $1 billion of its shares. "We followed the instructions, pushed star 1, and were not allowed on. Why are you surprised?" Ackman said in an email to The Times. The company said in a statement that it has no record of Ackman or anyone at his firm, Pershing Square Capital Management, attempting to ask a question.
April 22, 2014 |
Canadian company Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman moved forward with their plans to acquire Botox maker Allergan Inc., offering shareholders about $46 billion and touching off what could be a contentious fight. Several industry analysts said they expect Allergan to reject the offer as too low, and said a fierce boardroom battle may be on the horizon. An issue certain to alarm Allergan is Valient's announced plans to slash research and development spending at the Irvine company.
December 21, 2012 |
With investors punishing his company's stock for a third consecutive day, the top executive of Herbalife Ltd. sought to reassure shareholders Friday that his company is not a pyramid scheme. Working from the firm's tony headquarters in downtown Los Angeles, Herbalife chief Michael Johnson telephoned institutional investors, including fund managers at Fidelity, disputing highly publicized criticism from prominent New York hedge fund manager Bill Ackman. Johnson also assembled a team of about a dozen top company officials to prepare a point-by-point defense against Ackman's assertions that Herbalife is a "sophisticated pyramid scheme" whose independent sales associates make more money recruiting new distributors than actually selling products.
July 27, 2013 |
This has been a good year so far for Herbalife Ltd. shareholders -- and a painful one for Bill Ackman, the activist manager of hedge fund Pershing Square Capital Management. Ackman last year shorted 20 million shares of Herbalife stock, about one-fifth of its outstanding shares, betting $1 billion that the Los Angeles nutritional products company would fail. Herbalife's stock, instead, has surged more than 75% this year, hitting a 12-month high Tuesday and leaving Ackman and his Pershing Square down $169 million by Friday afternoon.
January 10, 2013 |
Hedge fund Third Point took an 8.2% stake in Herbalife Ltd., becoming the latest firm to bet against hedge fund manager Bill Ackman, who has accused the direct seller of nutritional products of being a pyramid scheme. Third Point, which had about $10 billion under management and is run by financier Daniel Loeb, has purchased 8.9 million Herbalife shares, according to a filing with the Securities and Exchange Commission. Herbalife is fighting allegations made by Ackman, the founder of Pershing Square Capital Management, that it uses inflated pricing, misleading sales information and a complicated incentive structure to hide a pyramid scheme.
January 25, 2013 |
Herbalife Ltd. shares rose after a profanity-filled battle on live television between two billionaire investors with vastly different views of the Los Angeles company. Bill Ackman, who has an enormous short position on Herbalife and has called the company a pyramid scheme, and Carl Icahn, who reportedly has a long position on the company, traded personal insults during a nearly 30-minute telephone discussion aired live Friday on CNBC. Icahn called Ackman a "liar" and said: "He's got one of the worst reputations on Wall Street.