Ackman, who reportedly bet $1 billion the company is a sham, has said most of the company’s sales people lose money and expects the company’s shares to fall to zero.
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A Los Angeles nutrition company is locked in a legal battle with billionaire hedge fund manager Bill Ackman, who has accused the company of perpetuating a pyramid scheme. Herbalife officials said the company will up their legal defense costs from $25 million to $40 million in the wake of Ackman’s accusations, according to a Los Angeles Times article.
Ackman, who reportedly bet $1 billion the company is a sham, has said most of the company’s sales people lose money and expects the company’s shares to fall to zero.