Herbalife Goes on the Offensive
From Focus on Funds
December 26, 2012 - 11:09am
Embattled Herbalife (HLF), watching its stock sag since hedge-fund manager Bill Ackman attacked the company last week, is taking the fight to its critics.
Herbalife, which vigorously denies Ackman's "pyramid scheme" accusations, was reported to be working with law firm Boies, Schiller & Flexner LLP, people familiar with the matter told the WSJ this week. The company said in a Christmas Eve press release it has retained strategic adviser Moelis & Co. and that it will exceed its $50 million quarterly share buyback guidance. There was $950 million remaining of the $1 billion authorized in a buyback plan, the release said.
There's more. The promised analyst and investor meeting will take place Jan. 10 at 9:00 a.m. in New York, with what was described as a "comprehensive response to investor questions on its business model."
At least a few investors seem to like these moves: He...Continue reading this article »