fbpx
Wikipedia

Herbalife

February 15, 2024

33°51′26″N 118°17′31″W / 33.8572°N 118.2919°W / 33.8572; -118.2919 Herbalife Nutrition Ltd., also called Herbalife International, Inc. (with a U.S. subsidiary called Herbalife International of America) or simply Herbalife, is a global multi-level marketing (MLM) corporation that develops and sells dietary supplements. The company has been alleged to have fraudulently operated a pyramid scheme.[3][4] Some products sold by Herbalife have caused acute hepatitis.[5] The business is incorporated in the Cayman Islands, a tax haven, with its corporate headquarters located in Los Angeles, California.

Herbalife Nutrition Ltd.
Company typePublic company
ISINKYG4412G1010 
IndustryMulti-level marketing
FoundedFebruary 1980; 44 years ago (1980-02) in
Los Angeles, California, U.S.
FounderMark R. Hughes
HeadquartersL.A. Live
Los Angeles, California, U.S.; Legal domicile: Cayman Islands
Key people
Michael O. Johnson (Chairman & CEO)
Products
RevenueUS$5.54 billion (2020)[1]
US$640.6 million (2020)[1]
US$372.6 million (2020)[1]
Total assetsUS$3.08 billion (2020)[1]
Number of employees
8,900+ (2018)[2]
Websiteherbalife.com

The company was founded by Mark R. Hughes in 1980,[6] and it employs an estimated 9,900 people worldwide. The company operates in 95 countries through a network of approximately 4.5 million independent distributors and members. In October 2022, previous CEO Michael O. Johnson was appointed as Chairman and interim Chief Executive Officer following the departure of John Agwunobi.[7]

Herbalife has been accused of deceiving consumers about potential returns, and that most returns are made from distributors that one recruits. The company agreed to "fundamentally restructure" its business in the United States, and pay a $200 million fine as part of a 2016 settlement with the U.S. Federal Trade Commission (FTC) following these accusations.[8]

History edit

In February 1980, Mark R. Hughes began selling the original Herbalife weight management product from the trunk of his car. Hughes often stated that the genesis of his product and program stemmed from the weight loss concerns of his mother Joanne whose premature death he attributed to an eating disorder and an unhealthy approach to weight loss.[9] His first product was a protein shake designed to help people manage their weight. He structured his company using a direct-selling, multi-level marketing model.[10] In 1982, Herbalife received complaints from the Food and Drug Administration for claims made about certain products and the inclusion of mandrake, poke root, and food-grade linseed oil in another.

The Department of Justice of Canada filed criminal charges against the company in November 1984 for misleading medical claims in advertisements.[11][12] As a result of the complaints, the company modified its product claims and reformulated the product.[13]

By 1985, Herbalife was considered the fastest-growing private company in America by Inc. after its sales increased from $386 thousand to $423 million over the previous five years.[14] That same year, the California Attorney General sued the company for making inflated claims about the efficacy of its products. The company suffered as a result of the lawsuit and was forced to lay off nearly 800 employees by May 1985.[15] The company settled the suit for $850,000 without admitting wrongdoing.[16] In 1986, Herbalife became a publicly traded company on the NASDAQ and rebranded itself as Herbalife International. However, as a result of the negative publicity from the FDA lawsuit, the company posted a $3 million loss that year.[17][18]

By 1988, the company had expanded its reach to Japan, Spain, New Zealand, Israel, and Mexico, and it increased its worldwide sales to $191 million in 1991. In 1993, the company underwent a secondary offering of five million shares.[19] The company launched a line of personal care products in 1995 which included fragrances and facial cleansing products.[20] The company was sued in civil court by two former distributors in 1997 for withholding earned income.[21]

In 1999, Hughes attempted to take the company private after asserting that Wall Street was undervaluing the company. While the board approved the buyout offer, shareholders of the company filed a suit against the firm because they believed the share price they were offered was unfair. Hughes eventually abandoned his attempt to buy the company and settled the suit with shareholders.[13] On May 20, 2000, Mark Hughes died at age 44.[22] Following his death, the company was led by Christopher Pair until October 2001.[23]

J.H. Whitney & Company and Golden Gate Capital edit

In 2002, the company was acquired for US$685 million by J.H. Whitney & Company and Golden Gate Capital.[24] Concurrently, plant sources of ephedrine were removed from Herbalife products in 2002 after several U.S. states banned supplements containing such herbs.[25]: 15 [26] In April 2003, Michael O. Johnson joined Herbalife as CEO following a 17-year career with The Walt Disney Company.[16] On December 16, 2004, the company had an initial public offering on the NYSE of 14.5 million common shares at $14 per share,[27] netting the owners $1.3 billion.[28]

On May 7, 2014, the company announced that it entered into a deal with Bank of America Merrill Lynch to repurchase $266 million of its stock.[29]

The company announced in November 2016 that Chief Operating Officer Richard Goudis would take over the position of CEO in June 2017 and Johnson would transition to executive chairman.[30] In August 2017, the company announced that it would repurchase up to $600 million of its stock.[31] On April 25, 2018, Herbalife announced that it had changed its name from Herbalife Ltd. to Herbalife Nutrition Ltd. The company also announced that its shareholders had approved a two-for-one stock split.[32][33] In January 2019, Herbalife announced that it was replacing Goudis after learning of comments he had made before taking over as CEO that were “contrary to the company’s expense-related policies and business practices” and inconsistent with the company's standards and culture”. Former CEO Johnson subsequently took over the role on an interim basis.[34]

In March 2020, John Agwunobi was named as its next chief executive.[35] Agwunobi departed Herbalife Nutrition in October 2022 and Michael O. Johnson was named Chairman and interim Chief Executive Officer.[36]

Products edit

 
Herbalife Nutrition products

Herbalife Nutrition's products include weight-loss and protein shakes,[37] as well as protein bars, teas, aloes, vitamins, and sports hydration, energy, and personal care products.[38] The company's original product is the Formula 1 protein shake, a soy-based meal-replacement shake. The product debuted in 1980 and, as of 2015, was the company's best selling product accounting for nearly 30% of total sales.[39]

Herbalife's products are produced at the company's five manufacturing facilities in the U.S. and China, as well as by third-party manufacturing partners.[40][41]: 16  The company's production process is based on a "seed to feed" strategy, which the company initiated in the 2010s that allows it to trace where the ingredients in its nutritional products originated.[42] Since 2013, the company has operated a botanical extraction facility in Changsha, Hunan Province, China.[43][44] The facility produces botanical extracts, including teas, guarana, chamomile, broccoli, and bilberry, for use in many of the company's products.[45] Before extracts are processed, they undergo a botanical identification program and are tested several times throughout the production process.[46] The processed raw materials from the extraction facility are used at all of the company's branded manufacturing facilities as well as by its partners. As of 2015, 58% of the company's nutrition products were manufactured at Herbalife-owned facilities.[39]

In China, the company's manufacturing sites are located in Suzhou and Nanjing.[46] In the U.S., the company has manufacturing facilities in Lake Forest, California[47] and Winston-Salem, North Carolina.[48][49]

Herbalife's claims of health benefits from its products have met scrutiny from the medical community, consumers, and government agencies.[50]

In 2008, Herbalife was sued after laboratory tests indicated that levels of lead in several Herbalife products were in excess of California state law[51] and could lead to liver problems over an extended period of time.[52] The company commissioned its own lab testing and found that those products did not contain high enough amounts of lead to require special labeling.[53]

Business model edit

Herbalife Nutrition is a multi-level marketing company. A 2010 article in the Los Angeles Business Journal claimed that Herbalife Nutrition was one of the most profitable companies in Los Angeles County and directly benefited from its business model.[54]

As a result of the 2016 FTC settlement, the company is required to prove that at least 80 percent of its sales are made to individuals outside of its distributor network. Distributors are responsible for providing receipts for sales and proving they have legitimate customers.[55] The settlement also required that distributors are only able to earn one-third of their rewards based on recruitment.[56] In the U.S., the company now differentiates between individuals who join as a member to buy discounted products and those who join as a distributor seeking a business opportunity.[57] Discount buyers are unable to earn rewards or sell products.[56] Herbalife Nutrition is also required to have its practices monitored by an outside party for seven years to ensure compliance.[55]

In the past, company management considered the number and retention of distributors a key parameter and tracked it closely in financial reports. By January of each year, sales leaders are required to requalify. In February of each year, individuals who did not satisfy the sales leader qualification requirements during the preceding 12 months are removed from that rank. For the latest 12-month requalification period ending January 2019, approximately 67.9 percent of the eligible sales leaders requalified.[58]

In a California class action suit (Minton v. Herbalife International, et al.) filed on February 17, 2005, the plaintiff challenged "the marketing practices of certain Herbalife International independent distributors under various state laws".[59] In a West Virginia class action suit (Mey v. Herbalife International, Inc., et al.) filed on July 16, 2003, the plaintiffs alleged that some of Herbalife International's distributors used pre-recorded telephone messages and autodialers to contact prospective customers in violation of the Telephone Consumer Protection Act. The case was resolved with Herbalife and its distributors paying $7 million into a fund for class members part of the suit.[60]: 42 

Liver disease inquiries edit

Hospitals in Israel, Spain, Switzerland, Iceland, Argentina, and the United States have reported liver damage in a number of patients who used Herbalife products.[61][62][63][64][65][66][67][68][69][70][71][excessive citations]

In 2004, Israel's Health Minister began an investigation into Herbalife's products after four persons using Herbalife's products were found to have liver problems.[61] The company was accused of selling products containing toxic ingredients such as quaqua, comfrey, and kraska.[clarification needed] The products were sent to Bio-Medical Research Design LTD (B.R.D), to a private U.S. laboratory, and to Israel's Forensic research laboratory. A study of the cases funded by the Israeli Ministry of Health concluded that there was a causative relationship.[61] Herbalife's SEC 10-Q filings stated that the Israeli Ministry of Health did not establish a causal relationship between the product and liver ailments.[72] In 2009, an Israeli woman sued Herbalife International and Herbalife Israel, claiming that her liver damage resulted from the use of Herbalife products.[73]

Scientific studies in 2007 by doctors at the University Hospital of Bern in Switzerland and the Liver Unit of the Hadassah-Hebrew University Medical Center in Israel found an association between consumption of Herbalife products and hepatitis.[61][62] In response, the Spanish Ministry of Health issued an alert asking for caution in consuming Herbalife products.[74] Herbalife stated they were cooperating fully with Spanish authorities,[75] and after investigation, the agency determined no action was required and removed the alert.

In January 2009, the Scientific Committee of the Spanish Agency for Food Safety and Nutrition (AESAN) reached the same conclusion. After reviewing cases implicating Herbalife products in Spain, Switzerland, Israel, Finland, France, Italy, Iceland and Portugal, the 12-member scientific panel issued a report concluding: "The analyses of these cases and information regarding their circumstances have not allowed us to establish a causal relationship" between liver anomalies and Herbalife's dietary supplements. The panel attributed the cases to metabolic changes from overzealous and unsupervised dieting.[76]

A July 2013 peer-reviewed study published in the World Journal of Hepatology reexamined known cases of hepatotoxicity that had previously been linked to consumption of Herbalife products and concluded that using "the liver specific Council for International Organizations of Medical Sciences scale, causality was probable in 1 case, unlikely and excluded in the other cases. Thus, causality levels were much lower than hitherto proposed."[77] In a separate review published less than a year earlier, the same author described the relationship between Herbalife products and reported hepatotoxicity cases as "highly probable".[78]

In 2019, the Journal of Clinical and Experimental Hepatology published a paper titled Slimming to the Death: Herbalife®-Associated Fatal Acute Liver Failure-Heavy Metals, Toxic Compounds, Bacterial Contaminants and Psychotropic Agents in Products Sold in India. This paper examined the connection between Herbalife slimming products and a case of fatal acute liver failure in one patient in India. In December 2020, the journal retracted the aforementioned article, contrary to the COPE guidelines, which advise that the original paper should remain available but prominently marked as retracted.[79][80] According to one of the co-authors of the paper, this retraction happened because Herbalife engaged DSK Legal,[81] a New Delhi-based law firm, to consistently issue legal threats to the journal's editor-in-chief.[82][83]

Pyramid scheme allegations edit

Critics of the company's structure have contended that it has operated as a pyramid scheme.[84][85] They have also argued that the company does not sufficiently work to curb abuses by individual distributors, though Herbalife Nutrition has consistently denied the allegations.[86]

A 2004 settlement resolved a class-action suit on behalf of 8,700 former and current distributors who accused the company and distributors of "essentially running a pyramid scheme." A total of $6 million was to be paid out, with defendants not admitting guilt.

In November 2011, the Commercial Court in Brussels, Belgium ruled that Herbalife was an illegal pyramid scheme.[87] The company filed an appeal on March 8, 2012.[88] On December 3, 2013, a Belgian appeals court found for Herbalife, reversing the lower court's finding.[89]

On May 1, 2012, a short seller, David Einhorn, asked questions about the company's business and sales models during the Q1 earnings call, setting off suspicions that Einhorn had a short position.[90][91] These suspicions were proved correct in January 2013 when at an investor meeting Einhorn revealed that he had profited through a short position against the company. Einhorn said the short had been closed before the end of 2012.[92]

Bill Ackman edit

On December 20, 2012, Bill Ackman (of Pershing Square Capital) presented a series of arguments outlining why his firm believed that Herbalife operated a "sophisticated pyramid scheme" and contended that its stock would hit zero.[93][94] Ackman alleged after a year-long investigation that the majority of distributors lose money, that the chance of making the testimonial-implied headline income is approximately one in five thousand, and that the company materially overstates its distributors' retail sales and understates their recruiting rewards.[95][96]

According to a number of financial commentators, Ackman bet roughly $1 billion against the company;[97] soon after remarks to the press, the price of the stock decreased such that Ackman would have made $300 million if he had closed his short position then.[98][96][99] In March 2015, federal prosecutors and the FBI revealed that they were investigating whether or not individuals paid by Ackman and otherwise had made false statements about Herbalife's business model to regulators and others in order to lower the company's stock price and influence authorities to conduct an investigation.[100][101]

In November 2017, Ackman closed out his short position after Herbalife shares increased by 51 percent over the year, and replaced it with a less aggressive put option.[102][103] In March 2018, The Wall Street Journal reported that Ackman had "largely exited" his bet against the company,[104] while others reported that the bet against Herbalife had cost his company hundreds of millions of dollars and damaged the confidence of investors in his hedge fund.[105][106]

FTC investigation edit

Based on information from a Freedom of Information Act (FOIA) request, the New York Post reported on February 4, 2013, that Herbalife was subject to a pending probe from the Federal Trade Commission (FTC). The FTC released 729 pages containing 192 complaints received over a 7-year period in regards to the New York Post's FOIA request.[107] The FTC stated that the wording it used in its response to the FOIA request was incorrect; the FTC could not confirm or deny an investigation into Herbalife.[108]

In March 2014, the FTC opened an investigation into Herbalife in response to calls from consumer groups and members in both houses of the United States Congress. Herbalife responded to the probe by saying it "welcomes the inquiry given the tremendous amount of misinformation in the marketplace, and will cooperate fully with the FTC. We are confident that Herbalife is in compliance with all applicable laws and regulations." However, in the press conference, Herbalife was declared not necessarily not a pyramid scheme.[clarification needed][109][110][111][112][113]

In July 2016, Herbalife agreed to change its business model and pay $200 million in a settlement with the FTC.[3][114][115][116] Partial refund checks were mailed to roughly 350,000 Herbalife distributors in January 2017. The FTC said in a press release about the settlement "it's virtually impossible to make money selling Herbalife products."[117][118]

The lawsuit alleged that Herbalife deceived consumers into believing they could earn substantial income from the business opportunity or big money from the retail sale of the company's products. In addition, the complaint charged that one of the fundamental principles of Herbalife's business model—incentivizing distributors to buy products and to recruit others to join and buy products so they could advance in the company's marketing program, rather than in response to actual consumer demand—is an unfair practice in violation of the FTC Act.[119]

The company remains under investigation as of early 2019 both by the United States Department of Justice and the U.S. Securities and Exchange Commission (SEC) for corruption in China.[120]

On September 27, 2019, the SEC announced that Herbalife has agreed to pay $20 million to settle charges of making false and misleading statements about its business model and operations in China between 2012 and 2018. The company did not admit or deny the charges but agreed to the settlement terms.[121][122][123]

U.S. Justice Department investigation of bribery in China edit

In 2019, the U.S. Justice Department charged two of Herbalife's employees with conspiracy in violation of the Foreign Corrupt Practices Act (FCPA). They were accused of bribing Chinese officials in order to procure sales permits and to influence an investigation into Herbalife. They were also accused of offering bribes to China Economic Net in order to influence their media coverage.[124] In response, Herbalife committed $40 million to resolve the issues, and began negotiations with both the US Justice Department and SEC.[125] In August 2020, Herbalife agreed to pay $123 million to the US Department of Justice and the U.S. Securities and Exchange Commission.[126]

Sports sponsorships edit

Herbalife has sponsored France's national volleyball team and the Major League Soccer club LA Galaxy since 2007 and has sponsored Cristiano Ronaldo since 2013.[127] They sponsored FC Barcelona and Lionel Messi between 2010 and 2013.[128] Herbalife has also sponsored the basketball club Herbalife Gran Canaria since 2012.[129] In July 2020, Herbalife also sponsored the Guangzhou Charge of the Overwatch League.[130] In addition to these team and player sponsorships, Turkish Women's Basketball Super League has been named 'Herbalife Nutrition Women's Basketball Super League' for three years starting the 2019-2020 regular season.[131]

In 2021, the company announced a partnership with the LA Galaxy on an augmented reality fan experience.[132] It also has a multi-year sponsorship with Jonathan Dos Santos of the LA Galaxy.[133] During the 2020 Summer Olympics, Herbalife Nutrition was a sponsor of the Olympic Committee of Israel and the Indian Olympic Association.[134][135] In 2023, Herbalife became an official partner of the Indian Premier League.[136]

Media edit

In April 2016, a documentary directed by Ted Braun, titled Betting on Zero, premiered at the Tribeca Film Festival. It explored the allegation from Bill Ackman that Herbalife was a pyramid scheme and personal stories of its distributors who lost their life savings.[137] Hilary Rosen, a Democratic lobbyist and an adviser to Herbalife, questioned Tribeca's credibility after claiming that the film was "bought and paid" for by Ackman "to make good on his stock bet".[138][139]

In 2016, a Last Week Tonight with John Oliver segment on multi-level marketing focused on Herbalife; it strongly condemned the company for its structure resembling a pyramid scheme and cited the FTC report, which implied the company had been operating illegitimately. Oliver criticized Herbalife for its exploitation of Latino communities,[140] and overstatement of its products' health benefits.[141] One reviewer wrote that it appeared to be largely based on Betting on Zero, and caused no immediate change in Herbalife's stock prices.[142]

The 2018 book When The Wolves Bite: Two Billionaires, One Company, and an Epic Wall Street Battle by Scott Wapner discusses Ackman's short of the company and his battle with Icahn.[143] In the book, Wapner characterizes Ackman's decision to bet against Herbalife as dangerous, because it anticipated that the government would shut Herbalife down.[144]

References edit

  1. ^ a b c d "Herbalife LTD. Income Statement". Yahoo! Finance. 2017.
  2. ^ . MarketWatch. May 1, 2018. Archived from the original on October 23, 2019. Retrieved October 23, 2019.
  3. ^ a b Bartz, Diane; Flaherty, Michael (July 15, 2016). "Herbalife settles pyramid scheme case with regulator, in blow to Pershing's Ackman". Reuters. Retrieved July 15, 2016.
  4. ^ "Herbalife Will Restructure Its Multi-level Marketing Operations and Pay $200 Million For Consumer Redress to Settle FTC Charges". Federal Trade Commission. July 15, 2016. Retrieved May 9, 2018.
  5. ^ Elinav, Eran; Pinsker, Galia; Safadi, Rifaat; Pappo, Orit; Bromberg, Michal; Anis, Emilia; Keinan-Boker, Lital; Broide, Efrat; Ackerman, Zvi; Kaluski, Dorit Nitzan; Lev, Boaz; Shouval, Daniel (October 1, 2007). "Association between consumption of Herbalife® nutritional supplements and acute hepatotoxicity". Journal of Hepatology. 47 (4): 514–520. doi:10.1016/j.jhep.2007.06.016. ISSN 0168-8278.
  6. ^ Copage, Eric V. (May 23, 2000). "Mark R. Hughes, 44; Founded Nutrition Supplement Concern". The New York Times. ISSN 0362-4331. Retrieved November 2, 2022.
  7. ^ "Herbalife Nutrition Announces Leadership Change". www.businesswire.com. October 31, 2022. Retrieved October 31, 2022.
  8. ^ "It's no longer business as usual at Herbalife: An inside look at the $200 million FTC settlement". Federal Trade Commission. July 15, 2016. Retrieved May 9, 2018.
  9. ^ Schmidt, Michael S.; Lipton, Eric; Stevenson, Alexandra (March 9, 2014). "After Big Bet, Hedge Fund Pulls the Levers of Power". The New York Times. ISSN 0362-4331. Retrieved May 4, 2018.
  10. ^ Helm, Janet (August 28, 2023). "Herbalife Nutrition". U.S. News & World Report. Retrieved October 18, 2023.
  11. ^ Research, Center for Drug Evaluation and. "FDA Organization – Letter to Herbalife Ltd. Concerning Mischaracterization in Advertisement". www.fda.gov. Retrieved April 4, 2018.
  12. ^ "Herbalife's Claims Drawing Medical Fire, Government Probes". tribunedigital-chicagotribune. Retrieved April 4, 2018.
  13. ^ a b "History of Herbalife International, Inc. – FundingUniverse". www.fundinguniverse.com.
  14. ^ "Unbridled Growth". December 1, 1985.
  15. ^ "Herbalife Lays Off 573, Blames Slowing Sales". Los Angeles Times. May 29, 1985.
  16. ^ a b Evans, David (December 8, 2004). . Bloomberg. Archived from the original on April 19, 2005. Retrieved December 1, 2013.
  17. ^ Whitaker, Barbara (June 23, 2000). "Herbalife's Afterlife Challenge; Charismatic Leader Left an Image Problem and Other Issues". The New York Times. ISSN 0362-4331. Retrieved May 9, 2018.
  18. ^ Biddle, Frederic M. (September 14, 1999). "Herbalife's Hughes Plans to Privatize In $500 Million, Leveraged Buyout". Wall Street Journal. Retrieved May 9, 2018.
  19. ^ "A Wonder Offer From Herbalife". Bloomberg.com. September 12, 1993.
  20. ^ "SEC 10-k 2005".
  21. ^ "But where are the distributors' yachts?". Forbes. October 20, 1997.
  22. ^ Copage, Eric V. (May 23, 2000). "Mark R. Hughes, 44; Founded Nutrition Supplement Concern". The New York Times. p. B11. ISSN 0362-4331. Retrieved May 9, 2018.
  23. ^ "Christopher Pair Leaves Herbalife After Board Criticizes Management". Wall Street Journal. October 19, 2001.
  24. ^ Barker, Robert (December 20, 2004). "Suppress Your Appetite For Herbalife". Bloomberg. Retrieved May 9, 2018.
  25. ^ "HERBALIFE LTD. Form 10-K - Annual Report, 2005". March 14, 2005.
  26. ^ Evans, D. (April 11, 2002). "Herbalife, Other Ephedra Marketers Face Soaring Insurance Rates". Bloomberg L.P.
  27. ^ "Herbalife Ltd. Form 10-K 2004". United States Securities and Exchange Commission. Retrieved February 20, 2020.
  28. ^ Cohan, William D. (April 2013). "Bill Ackman, Dan Loeb, Carl Icahn, and Herbalife: The Big Short War". The Hive. Retrieved May 9, 2018.
  29. ^ "Herbalife to Buy Back $266 Million in Shares". Wall Street Journal. May 7, 2014. Retrieved May 8, 2014.
  30. ^ Masunaga, Samantha (November 2, 2016). "Herbalife names a new CEO as it tries to move on from FTC settlement". Retrieved November 4, 2016.
  31. ^ "Herbalife Launches $600 Million Stock Buyback and Discloses Failed Buyout Talks". Forbes. Retrieved March 19, 2018.
  32. ^ "Herbalife changes name to Herbalife Nutrition". April 27, 2018.
  33. ^ "Herbalife Ltd Announces Name Change To Herbalife Nutrition Ltd". Reuters. April 24, 2018.
  34. ^ "Herbalife chief Richard Goudis resigns over comments he made before taking the job". Los Angeles Times. Retrieved September 4, 2019.
  35. ^ Fine, Howard (November 15, 2019). "Herbalife Names Agwunobi as CEO". Los Angeles Business Journal.
  36. ^ "Herbalife Nutrition Announces Leadership Change". www.businesswire.com. October 31, 2022. Retrieved October 31, 2022.
  37. ^ Prior, Anna (July 31, 2014). "Herbalife to Expand Manufacturing Operations in China". The Wall Street Journal. Retrieved March 19, 2018.
  38. ^ (PDF). October 2009. Archived from the original (PDF) on March 2, 2013. Retrieved October 9, 2012.
  39. ^ a b "The Siege of Herbalife". Fortune. Retrieved March 19, 2018.
  40. ^ Chen, I-Chun (June 1, 2017). "Herbalife Names Goudis as New CEO". L.A. Biz.
  41. ^ "HERBALIFE LTD. Form 10-K - Annual Report, 2009". February 23, 2010.
  42. ^ "Herbalife Bringing Life to Massive Former Dell Plant". Winston-Salem Journal. June 15, 2013. Retrieved March 19, 2018.
  43. ^ "Herbalife Botanical Extraction Facility". Food Processing Technology. Retrieved March 19, 2018.
  44. ^ "Herbalife Changsha Extraction Plant Open in 2013". Herbridge. December 14, 2012. Archived from the original on July 3, 2013.
  45. ^ "Herbalife launches botanical extraction facility in China". Nutra ingredients USA. October 18, 2010. Retrieved October 30, 2011.
  46. ^ a b . Wholesale & Distribution International. Archived from the original on May 30, 2019. Retrieved March 19, 2018.
  47. ^ . Reuters. March 14, 2011. Archived from the original on January 17, 2013. Retrieved October 9, 2012.
  48. ^ "Comatose Sneak peek inside Herbalife's Winston-Salem plant". The Business Journal. June 11, 2013.
  49. ^ "Herbalife Sets Employee Volunteer Projects". Winston-Salem Journal. February 2018. Retrieved March 19, 2018.
  50. ^ (in German). Deutsche Gesellschaft für Ernährung. Archived from the original on November 21, 2011. Retrieved September 29, 2011. Wie alle Formula-Diäten ist auch Herbalife nicht als alleinige Maßnahme geeignet, das Gewicht langfristig zu reduzieren, denn die Anwender lernen mit diesen Produkten keine ausgewogene, fettreduzierte und kohlenhydratreiche Ernährungsweise.
  51. ^ "Herbalife says group retracts lead claims". Reuters. August 22, 2008. Retrieved October 30, 2011.
  52. ^ "Group Says 6 Dietary Supplements Contain Dangerous Levels of Lead". FOXNews.com. May 20, 2008. Retrieved October 30, 2011.
  53. ^ Deborah Crowe (June 10, 2008). . Los Angeles Business Journal. Archived from the original on June 17, 2008.
  54. ^ "Herbalife Leads Lean, Mean Pack of Profitability". Los Angeles Business Journal. July 19, 2010. Retrieved February 2, 2011.
  55. ^ a b Wapner, Scott (June 4, 2017). "Herbalife Cuts Sales Guidance; Exceeds Key FTC Mandate". CNBC. Retrieved May 2, 2018.
  56. ^ a b "Herbalife Will Restructure Its Multi-Level Marketing Operations and Pay $200 Million For Consumer Redress to Settle FTC Charges". Federal Trade Commission. July 15, 2016. Retrieved May 2, 2018.
  57. ^ Fair, Leseley (July 15, 2016). "It's No Longer Business as Usual at Herbalife: An Inside Look at the $200 Million FTC Settlement". FTC. Retrieved May 2, 2018.
  58. ^ . Ir.herbalife.com. Archived from the original on January 1, 2020. Retrieved February 2, 2011.
  59. ^ "Herbalife Quarterly Report to SEC, June 2006". Sec.gov. January 28, 2008. Retrieved February 2, 2011.
  60. ^ "HERBALIFE LTD. Form 10-K - Annual Report, 2007". February 26, 2008.
  61. ^ a b c d Elinav, Eran; Pinsker, Galia; Safadi, Rifaat; Pappo, Orit; Bromberg, Michal; Anis, Emilia; Keinan-Boker, Lital; Broide, Efrat; Ackerman, Zvi; Kaluski, Dorit Nitzan; Lev, Boaz; Shouval, Daniel (October 2007). "Association between consumption of Herbalife® nutritional supplements and acute hepatotoxicity". Journal of Hepatology. 47 (4): 514–520. doi:10.1016/j.jhep.2007.06.016. PMID 17692424.
  62. ^ a b Schoepfer, Alain M.; Engel, Antoinette; Fattinger, Karin; Marbet, Urs A.; Criblez, Dominique; Reichen, Juerg; Zimmermann, Arthur; Oneta, Carl M. (October 2007). "Herbal does not mean innocuous: Ten cases of severe hepatotoxicity associated with dietary supplements from Herbalife® products". Journal of Hepatology. 47 (4): 521–526. doi:10.1016/j.jhep.2007.06.014. PMID 17692989.
  63. ^ Manso, Gloria; López-Rivas, Laureano; Salgueiro, M. Esther; Duque, Jose M.; Jimeno, Francisco J.; Andrade, Raúl J.; Lucena, M. Isabel (October 2011). "Continuous reporting of new cases in Spain supports the relationship between Herbalife® products and liver injury". Pharmacoepidemiology and Drug Safety. 20 (10): 1080–1087. doi:10.1002/pds.2180. PMID 21751292. S2CID 25458212.
  64. ^ Chen, Gary C; Ramanathan, VS; Law, D; Funchain, P; Chen, GC; French, S; Shlopov, B; Eysselein, V; et al. (2010). "Acute liver injury induced by weight-loss herbal supplements". World Journal of Hepatology. 2 (11): 410–5. doi:10.4254/wjh.v2.i11.410. PMC 3004035. PMID 21173910.
  65. ^ Jóhannsson, M; Ormarsdóttir, S; Olafsson, S (2010). "Hepatotoxicity associated with the use of Herbalife". Laeknabladid. 96 (3): 167–72. PMID 20197595.
  66. ^ Stickel, F; Droz, S; Patsenker, E; Bögli-Stuber, K; Aebi, B; Leib, SL (2009). "Severe hepatotoxicity following ingestion of Herbalife nutritional supplements contaminated with Bacillus subtilis". Journal of Hepatology. 50 (1): 111–17. doi:10.1016/j.jhep.2008.08.017. PMID 19010564.
  67. ^ Chao, S.; Anders, M.; Turbay, M.; Olaiz, E.; Mc Cormack, L.; Mastai, R. (December 2008). "[Toxic hepatitis by consumption Herbalife products a case report]". Acta Gastroenterol. Latinoam. 38 (4): 274–77. PMID 19157382.
  68. ^ Manso, Gloria; López-Rivas, Laureano; Duque, José María; Salgueiro, Esther (2008). "Spanish reports of hepatotoxicity associated with Herbalife® products". Journal of Hepatology. 49 (2): 289–90. doi:10.1016/j.jhep.2008.05.007. hdl:10651/6682. PMID 18571274.
  69. ^ Duque, JM; Ferreiro, J; Salgueiro, E; Manso, G (2007). "Hepatotoxicity associated with the consumption of herbal slimming products". Medicina Clinica. 128 (6): 238–39. doi:10.1016/s0025-7753(07)72547-2. PMID 17335732.
  70. ^ Stickel, Felix; Shouval, Daniel (June 2015). "Hepatotoxicity of herbal and dietary supplements: an update" (PDF). Archives of Toxicology. 89 (6): 851–65. doi:10.1007/s00204-015-1471-3. PMID 25680499. S2CID 18064225.
  71. ^ Appelhans, Kristy; Smith, C; Bejar, E; Henig, YS (2011). "Revisiting acute liver injury associated with herbalife products". World Journal of Hepatology. 3 (10): 275–77. doi:10.4254/wjh.v3.i10.275. PMC 3208182. PMID 22059112.
  72. ^ "HERBALIFE LTD. 10-Q Quarterly Report". Getfilings.com. March 31, 2005. Retrieved October 30, 2011.
  73. ^ Linder, Ronny (June 24, 2011). "Israeli woman sues Herbalife, claims products caused liver disease". Haaretz.com. Retrieved October 30, 2011.
  74. ^ . reuters.com. April 23, 2008. Archived from the original on April 19, 2021.
  75. ^ There's been no proven link to liver problems.Herbalife Responds to Spain's Ministry of Health Alert May 29, 2008, at the Wayback Machine
  76. ^ (PDF) (in Spanish). Aesan.msc.es. Archived from the original (PDF) on April 7, 2009. Retrieved December 1, 2013.
  77. ^ Teschke, R; Frenzel, C; Schwarzenboeck, a; Eickhoff, A (2013). "Herbalife hepatotoxicity: Evaluation of cases with positive reexposure tests". World Journal of Hepatology. 5 (7): 353–63. doi:10.4254/wjh.v5.i7.353. PMC 3724963. PMID 23898368.
  78. ^ Teschke R, Wolff A, Frenzel C, Schulze J, Eickhoff A (November 2012). "Herbal hepatotoxicity: a tabular compilation of reported cases". Liver Int. 32 (10): 1543–56. doi:10.1111/j.1478-3231.2012.02864.x. PMID 22928722. S2CID 31536128.
  79. ^ Bik, Elisabeth (December 20, 2020). "Paper about Herbalife®-related patient death removed after company threatens to sue the journal". Science Integrity Digest. Retrieved December 21, 2020.
  80. ^ Philips, Cyriac A.; Augustine, Philip; Rajesh, Sasidharan; John, Solomon K.; Valiathan, Gopakumar C.; Mathew, Jos; Phalke, Sameer; Antony, Kuruveetil L. (March 1, 2019). "REMOVED: Slimming to the Death: Herbalife®-Associated Fatal Acute Liver Failure—Heavy Metals, Toxic Compounds, Bacterial Contaminants and Psychotropic Agents in Products Sold in India". Journal of Clinical and Experimental Hepatology. 9 (2): 268–272. doi:10.1016/j.jceh.2018.08.002. ISSN 0973-6883. PMID 31024209.
  81. ^ Anand, Rishi (October 17, 2019). "Legal demand from DSK Legal based in New Delhi" (PDF). Retraction Watch. Retrieved October 2, 2023.
  82. ^ Philips, Abby (December 20, 2020). ""Last year March, I published this article based on my experience with a patient who died after consuming herbalife products..."". Twitter. from the original on December 20, 2020. Retrieved December 20, 2020.
  83. ^ "After legal threats from Herbalife, Elsevier journal retracts — and then removes — a paper". Retraction Watch. December 22, 2020. Retrieved December 22, 2020.
  84. ^ "Herbalife Sets More Layoffs". The New York Times. May 30, 1985.
  85. ^ "Hedge fund manager alleges Herbalife is 'pyramid scheme'". Stuart Pfeifer and Walter Hamilton, Los Angeles Times. December 20, 2012.
  86. ^ . Icelandreview.com. December 6, 2005. Archived from the original on January 15, 2013. Retrieved February 2, 2011.
  87. ^ "Herbalife - Belgian Court Decision". Scribd.com. Retrieved December 1, 2013.
  88. ^ . Herbalife. February 19, 2013. Archived from the original on December 3, 2013. Retrieved July 3, 2013.
  89. ^ Pfeifer, Stuart (December 3, 2013). "Herbalife says Belgian appeals court reversed pyramid scheme finding". Los Angeles Times.
  90. ^ (PDF). Files.shareholder.com. Archived from the original (PDF) on March 4, 2016. Retrieved December 1, 2013.
  91. ^ "Herbalife faces rising Einhorn pressure". Financial Times. May 14, 2012.
  92. ^ "Einhorn Profited on Bet Against Herbalife". The Wall Street Journal. January 23, 2013.
  93. ^ Benoit, David (March 1, 2018). "Bill Ackman Surrenders in His Five-Year War Against Herbalife". The Wall Street Journal. Retrieved January 14, 2019.
  94. ^ Neate, Rupert (December 21, 2012). "Herbalife CEO accused of running 'Ponzi scheme'". The Guardian. Retrieved December 22, 2012.
  95. ^ "Bill Ackman's Herbalife Presentation". Business Insider. December 20, 2012. Retrieved December 1, 2013.
  96. ^ a b David, Javier E. (December 20, 2012). "Ackman Defends Calling Herbalife a 'Pyramid Scheme'". CNBC. Retrieved December 6, 2014.
  97. ^ John Hempton, "Bill Ackman enters the city of Stalingrad,", Bronte Capital, December 28, 2012
  98. ^ Felix Salmon, Reuters Blogs, December 31, 2012
  99. ^ John Carney (December 20, 2012). . Cnbc.com. Archived from the original on December 3, 2013. Retrieved December 1, 2013.
  100. ^ Matthews, Christopher M. (March 12, 2015). "Prosecutors Interview People Tied to Ackman in Probe of Potential Herbalife Manipulation". Wall Street Journal.
  101. ^ "FBI Probes Ackman Fund for Herbalife Manipulation". Bloomberg.com. March 12, 2015.
  102. ^ Moyer, Liz (February 28, 2018). "Five years after brawl with Icahn, Ackman exits losing bet against Herbalife". CNBC. Retrieved January 14, 2019.
  103. ^ "Bill Ackman is Capping His Losses on Herbalife". Fortune. Reuters. November 1, 2017. Retrieved March 19, 2018.
  104. ^ Benoit, David (March 1, 2018). "Bill Ackman Surrenders in His Five-Year War Against Herbalife". Wall Street Journal.
  105. ^ "Is Bill Ackman's Private Hedge Fund Career Over?". The New York Observer. April 5, 2018.
  106. ^ "Investors are reportedly pulling out of Bill Ackman's hedge fund at a 'rapid pace'". Business Insider. April 5, 2018.
  107. ^ Celarier, Michelle (February 4, 2013). "Salve for shorts | New York Post". Nypost.com. Retrieved December 1, 2013.
  108. ^ Celarier, Michelle (February 5, 2013). "FTC corrects language on Herbalife". Nypost.com. Retrieved December 1, 2013.
  109. ^ Ramirez, Edith (July 15, 2016). "FTC Press Conference: Herbalife". Federal Trade Commission. Retrieved April 7, 2021.
  110. ^ La Roche, Julia (March 12, 2014). "FTC Opens Investigation into Herbalife – Shares Plunge". Business Insider. Retrieved March 13, 2014.
  111. ^ McCrum, Dan (March 12, 2014). "Herbalife hit by US 'pyramid scheme'". Financial Times. Retrieved March 13, 2014.
  112. ^ Vardi, Nathan (March 12, 2014). "FTC Launches Herbalife Inquiry, Shares Fall". Forbes. Retrieved March 13, 2014.
  113. ^ Townsend, Matthew (May 5, 2016). "Herbalife Soars After Saying It's Close to FTC Resolution". Bloomberg.com. Retrieved June 3, 2016.
  114. ^ "Herbalife Settlement With F.T.C. Will Force Major Changes". The New York Times. July 16, 2016. Retrieved July 15, 2016.
  115. ^ David McLaughlin; Matthew Townsend (July 15, 2016). "Herbalife Settles Pyramid Probe as FTC Seeks Major Changes". bloomberg.com. Retrieved July 15, 2016.
  116. ^ "Herbalife Is Paying a $200 Million Fine and Having a Great Day". fortune.com. July 15, 2016. Retrieved July 15, 2016.
  117. ^ Fair, Lesley (January 10, 2017). "Redress checks and compliance checks: Lessons from the FTC's Herbalife and Vemma cases". FTC.gov. Retrieved January 17, 2017.
  118. ^ Craver, Richard (January 11, 2017). "FTC says Herbalife refund checks are in the mail". JournalNow.com. Winston-Salem Journal. Retrieved January 17, 2017.
  119. ^ "It's no longer business as usual at Herbalife: An inside look at the $200 million FTC settlement". Federal Trade Commission. July 15, 2016.
  120. ^ "Herbalife chief Richard Goudis resigns over comments he made before taking the job". Los Angeles Times. January 9, 2019. Retrieved September 26, 2019.
  121. ^ "Herbalife to Pay $20 Million for Misleading Investors". SEC. September 27, 2019. Retrieved October 2, 2019.
  122. ^ "Herbalife Nutrition to pay $20 million to settle false disclosure charges: U.S. SEC". Reuters.com. September 27, 2019. Retrieved October 2, 2019.
  123. ^ "Herbalife to Pay $20 Million to Settle SEC Fraud Claims". wsj.com. September 27, 2019. Retrieved March 24, 2020.
  124. ^ Tokar, Dylan (November 15, 2019). "Former Herbalife Executives Charged With Conspiracy to Bribe Chinese Officials". Wall Street Journal. Retrieved November 22, 2019.
  125. ^ Tokar, Dylan (March 2, 2020). "Herbalife Sets Aside $40 Million for Bribery Settlement". Wall Street Journal. ISSN 0099-9660. Retrieved March 4, 2020.
  126. ^ Rocco, Matthew (August 28, 2020). "Herbalife pays $123m to resolve Chinese bribery claims". Financial Times. Retrieved August 29, 2020.
  127. ^ "Herbalife Announces Five-Year Sponsorship Of Real Madrid's Cristiano Ronaldo". SportsBusiness Daily. June 5, 2013. Retrieved February 3, 2018.
  128. ^ "Herbalife, new nutrition sponsor". FC Barcelona. June 2, 2010. Retrieved February 3, 2018.
  129. ^ "C.B. Gran Canaria Renewed the Agreement with Herbalife Nutrition Until 2021". CB Gran Canaria. April 4, 2018.
  130. ^ "Guangzhou Charge Signs Three-Year Non-Endemic Sponsorship Deal With Herbalife Nutrition". The Esports Observer. July 13, 2020. Retrieved January 11, 2021.
  131. ^ "KBSL'nin yeni sponsoru Herbalife Nutrition oldu! 3 sezonluk sözleşme..." www.hurriyet.com.tr (in Turkish). October 2, 2019.
  132. ^ "Herbalife Nutrition and LA Galaxy Team Up to Offer Augmented Reality Fan Experience". www.directsellingnews.com. January 27, 2021. Retrieved October 19, 2021.
  133. ^ "Herbalife Signs LA Galaxy's Jonathan Dos Santos to Multi-Year Sponsorship - Direct Selling News". www.directsellingnews.com. June 1, 2018. Retrieved October 19, 2021.
  134. ^ Sturm, Uriel (July 20, 2021). "Herbalife powers Israeli Olympians for upcoming 2020 Tokyo Olympics". JPost.com. Retrieved October 19, 2021.
  135. ^ King, Tom (July 19, 2021). "Indian Olympic team gets Herbalife backing". SportsPro. Retrieved October 19, 2021.
  136. ^ "Herbalife partners BCCI; to become one of the official partners of IPL 2023". Moneycontrol. March 29, 2023. Retrieved July 19, 2023.
  137. ^ Zeitchik, Steven (April 22, 2016). "Tribeca Fest: 'Betting on Zero' stirs Herbalife waters". Los Angeles Times. Retrieved November 8, 2016.
  138. ^ "Betting on Zero: Herbalife doc feeds investors' feud as director claims 'dirty tricks'". The Guardian. April 11, 2017.
  139. ^ "Hedge-Funder Bill Ackman Is a Star at Tribeca Film Festival, Even As He's Losing Billions". New York Magazine. April 12, 2016.
  140. ^ Moreno, Carolina (November 7, 2016). "John Oliver Exposes Herbalife And Its Dangerous Focus On Latinos". Huffington Post. Retrieved December 11, 2017.
  141. ^ Bort, Ryan (November 7, 2016). "John Oliver Says multilevel marketing Companies Like Herbalife Are Pyramid Schemes". Newsweek. Retrieved December 11, 2017.
  142. ^ "John Oliver delivers epic takedown of Herbalife". New York Post. November 8, 2016. Retrieved November 21, 2016.
  143. ^ Noto, Anthony (April 26, 2018). "New book chronicles the Ackman-Icahn rivalry over Herbalife". New York Business Journal. Retrieved July 2, 2018.
  144. ^ Gurdus, Elizabeth (April 25, 2018). "Bill Ackman's bet against Herbalife was 'dangerous,' CNBC's Scott Wapner says". CNBC. Retrieved July 2, 2018.

External links edit

  Media related to Herbalife at Wikimedia Commons

  • Official website
  • Business data for Herbalife:
    • Bloomberg
    • Google
    • Reuters
    • SEC filings
    • Yahoo!
  • Company profile by MarketWatch

February 15, 2024
herbalife, 8572, 2919, 8572, 2919, nutrition, also, called, international, with, subsidiary, called, international, america, simply, global, multi, level, marketing, corporation, that, develops, sells, dietary, supplements, company, been, alleged, have, fraudu. 33 51 26 N 118 17 31 W 33 8572 N 118 2919 W 33 8572 118 2919 Herbalife Nutrition Ltd also called Herbalife International Inc with a U S subsidiary called Herbalife International of America or simply Herbalife is a global multi level marketing MLM corporation that develops and sells dietary supplements The company has been alleged to have fraudulently operated a pyramid scheme 3 4 Some products sold by Herbalife have caused acute hepatitis 5 The business is incorporated in the Cayman Islands a tax haven with its corporate headquarters located in Los Angeles California Herbalife Nutrition Ltd Company typePublic companyTraded asNYSE HLFRussell 2000 componentISINKYG4412G1010 IndustryMulti level marketingFoundedFebruary 1980 44 years ago 1980 02 inLos Angeles California U S FounderMark R HughesHeadquartersL A LiveLos Angeles California U S Legal domicile Cayman IslandsKey peopleMichael O Johnson Chairman amp CEO ProductsWeight managementdietary supplementspersonal caresports nutritionRevenueUS 5 54 billion 2020 1 Operating incomeUS 640 6 million 2020 1 Net incomeUS 372 6 million 2020 1 Total assetsUS 3 08 billion 2020 1 Number of employees8 900 2018 2 Websiteherbalife wbr comThe company was founded by Mark R Hughes in 1980 6 and it employs an estimated 9 900 people worldwide The company operates in 95 countries through a network of approximately 4 5 million independent distributors and members In October 2022 previous CEO Michael O Johnson was appointed as Chairman and interim Chief Executive Officer following the departure of John Agwunobi 7 Herbalife has been accused of deceiving consumers about potential returns and that most returns are made from distributors that one recruits The company agreed to fundamentally restructure its business in the United States and pay a 200 million fine as part of a 2016 settlement with the U S Federal Trade Commission FTC following these accusations 8 Contents 1 History 1 1 J H Whitney amp Company and Golden Gate Capital 2 Products 3 Business model 4 Liver disease inquiries 5 Pyramid scheme allegations 5 1 Bill Ackman 5 2 FTC investigation 5 3 U S Justice Department investigation of bribery in China 6 Sports sponsorships 7 Media 8 References 9 External linksHistory editIn February 1980 Mark R Hughes began selling the original Herbalife weight management product from the trunk of his car Hughes often stated that the genesis of his product and program stemmed from the weight loss concerns of his mother Joanne whose premature death he attributed to an eating disorder and an unhealthy approach to weight loss 9 His first product was a protein shake designed to help people manage their weight He structured his company using a direct selling multi level marketing model 10 In 1982 Herbalife received complaints from the Food and Drug Administration for claims made about certain products and the inclusion of mandrake poke root and food grade linseed oil in another The Department of Justice of Canada filed criminal charges against the company in November 1984 for misleading medical claims in advertisements 11 12 As a result of the complaints the company modified its product claims and reformulated the product 13 By 1985 Herbalife was considered the fastest growing private company in America by Inc after its sales increased from 386 thousand to 423 million over the previous five years 14 That same year the California Attorney General sued the company for making inflated claims about the efficacy of its products The company suffered as a result of the lawsuit and was forced to lay off nearly 800 employees by May 1985 15 The company settled the suit for 850 000 without admitting wrongdoing 16 In 1986 Herbalife became a publicly traded company on the NASDAQ and rebranded itself as Herbalife International However as a result of the negative publicity from the FDA lawsuit the company posted a 3 million loss that year 17 18 By 1988 the company had expanded its reach to Japan Spain New Zealand Israel and Mexico and it increased its worldwide sales to 191 million in 1991 In 1993 the company underwent a secondary offering of five million shares 19 The company launched a line of personal care products in 1995 which included fragrances and facial cleansing products 20 The company was sued in civil court by two former distributors in 1997 for withholding earned income 21 In 1999 Hughes attempted to take the company private after asserting that Wall Street was undervaluing the company While the board approved the buyout offer shareholders of the company filed a suit against the firm because they believed the share price they were offered was unfair Hughes eventually abandoned his attempt to buy the company and settled the suit with shareholders 13 On May 20 2000 Mark Hughes died at age 44 22 Following his death the company was led by Christopher Pair until October 2001 23 J H Whitney amp Company and Golden Gate Capital edit In 2002 the company was acquired for US 685 million by J H Whitney amp Company and Golden Gate Capital 24 Concurrently plant sources of ephedrine were removed from Herbalife products in 2002 after several U S states banned supplements containing such herbs 25 15 26 In April 2003 Michael O Johnson joined Herbalife as CEO following a 17 year career with The Walt Disney Company 16 On December 16 2004 the company had an initial public offering on the NYSE of 14 5 million common shares at 14 per share 27 netting the owners 1 3 billion 28 On May 7 2014 the company announced that it entered into a deal with Bank of America Merrill Lynch to repurchase 266 million of its stock 29 The company announced in November 2016 that Chief Operating Officer Richard Goudis would take over the position of CEO in June 2017 and Johnson would transition to executive chairman 30 In August 2017 the company announced that it would repurchase up to 600 million of its stock 31 On April 25 2018 Herbalife announced that it had changed its name from Herbalife Ltd to Herbalife Nutrition Ltd The company also announced that its shareholders had approved a two for one stock split 32 33 In January 2019 Herbalife announced that it was replacing Goudis after learning of comments he had made before taking over as CEO that were contrary to the company s expense related policies and business practices and inconsistent with the company s standards and culture Former CEO Johnson subsequently took over the role on an interim basis 34 In March 2020 John Agwunobi was named as its next chief executive 35 Agwunobi departed Herbalife Nutrition in October 2022 and Michael O Johnson was named Chairman and interim Chief Executive Officer 36 Products edit nbsp Herbalife Nutrition productsHerbalife Nutrition s products include weight loss and protein shakes 37 as well as protein bars teas aloes vitamins and sports hydration energy and personal care products 38 The company s original product is the Formula 1 protein shake a soy based meal replacement shake The product debuted in 1980 and as of 2015 was the company s best selling product accounting for nearly 30 of total sales 39 Herbalife s products are produced at the company s five manufacturing facilities in the U S and China as well as by third party manufacturing partners 40 41 16 The company s production process is based on a seed to feed strategy which the company initiated in the 2010s that allows it to trace where the ingredients in its nutritional products originated 42 Since 2013 the company has operated a botanical extraction facility in Changsha Hunan Province China 43 44 The facility produces botanical extracts including teas guarana chamomile broccoli and bilberry for use in many of the company s products 45 Before extracts are processed they undergo a botanical identification program and are tested several times throughout the production process 46 The processed raw materials from the extraction facility are used at all of the company s branded manufacturing facilities as well as by its partners As of 2015 58 of the company s nutrition products were manufactured at Herbalife owned facilities 39 In China the company s manufacturing sites are located in Suzhou and Nanjing 46 In the U S the company has manufacturing facilities in Lake Forest California 47 and Winston Salem North Carolina 48 49 Herbalife s claims of health benefits from its products have met scrutiny from the medical community consumers and government agencies 50 In 2008 Herbalife was sued after laboratory tests indicated that levels of lead in several Herbalife products were in excess of California state law 51 and could lead to liver problems over an extended period of time 52 The company commissioned its own lab testing and found that those products did not contain high enough amounts of lead to require special labeling 53 Business model editHerbalife Nutrition is a multi level marketing company A 2010 article in the Los Angeles Business Journal claimed that Herbalife Nutrition was one of the most profitable companies in Los Angeles County and directly benefited from its business model 54 As a result of the 2016 FTC settlement the company is required to prove that at least 80 percent of its sales are made to individuals outside of its distributor network Distributors are responsible for providing receipts for sales and proving they have legitimate customers 55 The settlement also required that distributors are only able to earn one third of their rewards based on recruitment 56 In the U S the company now differentiates between individuals who join as a member to buy discounted products and those who join as a distributor seeking a business opportunity 57 Discount buyers are unable to earn rewards or sell products 56 Herbalife Nutrition is also required to have its practices monitored by an outside party for seven years to ensure compliance 55 In the past company management considered the number and retention of distributors a key parameter and tracked it closely in financial reports By January of each year sales leaders are required to requalify In February of each year individuals who did not satisfy the sales leader qualification requirements during the preceding 12 months are removed from that rank For the latest 12 month requalification period ending January 2019 approximately 67 9 percent of the eligible sales leaders requalified 58 In a California class action suit Minton v Herbalife International et al filed on February 17 2005 the plaintiff challenged the marketing practices of certain Herbalife International independent distributors under various state laws 59 In a West Virginia class action suit Mey v Herbalife International Inc et al filed on July 16 2003 the plaintiffs alleged that some of Herbalife International s distributors used pre recorded telephone messages and autodialers to contact prospective customers in violation of the Telephone Consumer Protection Act The case was resolved with Herbalife and its distributors paying 7 million into a fund for class members part of the suit 60 42 Liver disease inquiries editHospitals in Israel Spain Switzerland Iceland Argentina and the United States have reported liver damage in a number of patients who used Herbalife products 61 62 63 64 65 66 67 68 69 70 71 excessive citations In 2004 Israel s Health Minister began an investigation into Herbalife s products after four persons using Herbalife s products were found to have liver problems 61 The company was accused of selling products containing toxic ingredients such as quaqua comfrey and kraska clarification needed The products were sent to Bio Medical Research Design LTD B R D to a private U S laboratory and to Israel s Forensic research laboratory A study of the cases funded by the Israeli Ministry of Health concluded that there was a causative relationship 61 Herbalife s SEC 10 Q filings stated that the Israeli Ministry of Health did not establish a causal relationship between the product and liver ailments 72 In 2009 an Israeli woman sued Herbalife International and Herbalife Israel claiming that her liver damage resulted from the use of Herbalife products 73 Scientific studies in 2007 by doctors at the University Hospital of Bern in Switzerland and the Liver Unit of the Hadassah Hebrew University Medical Center in Israel found an association between consumption of Herbalife products and hepatitis 61 62 In response the Spanish Ministry of Health issued an alert asking for caution in consuming Herbalife products 74 Herbalife stated they were cooperating fully with Spanish authorities 75 and after investigation the agency determined no action was required and removed the alert In January 2009 the Scientific Committee of the Spanish Agency for Food Safety and Nutrition AESAN reached the same conclusion After reviewing cases implicating Herbalife products in Spain Switzerland Israel Finland France Italy Iceland and Portugal the 12 member scientific panel issued a report concluding The analyses of these cases and information regarding their circumstances have not allowed us to establish a causal relationship between liver anomalies and Herbalife s dietary supplements The panel attributed the cases to metabolic changes from overzealous and unsupervised dieting 76 A July 2013 peer reviewed study published in the World Journal of Hepatology reexamined known cases of hepatotoxicity that had previously been linked to consumption of Herbalife products and concluded that using the liver specific Council for International Organizations of Medical Sciences scale causality was probable in 1 case unlikely and excluded in the other cases Thus causality levels were much lower than hitherto proposed 77 In a separate review published less than a year earlier the same author described the relationship between Herbalife products and reported hepatotoxicity cases as highly probable 78 In 2019 the Journal of Clinical and Experimental Hepatology published a paper titled Slimming to the Death Herbalife Associated Fatal Acute Liver Failure Heavy Metals Toxic Compounds Bacterial Contaminants and Psychotropic Agents in Products Sold in India This paper examined the connection between Herbalife slimming products and a case of fatal acute liver failure in one patient in India In December 2020 the journal retracted the aforementioned article contrary to the COPE guidelines which advise that the original paper should remain available but prominently marked as retracted 79 80 According to one of the co authors of the paper this retraction happened because Herbalife engaged DSK Legal 81 a New Delhi based law firm to consistently issue legal threats to the journal s editor in chief 82 83 Pyramid scheme allegations editCritics of the company s structure have contended that it has operated as a pyramid scheme 84 85 They have also argued that the company does not sufficiently work to curb abuses by individual distributors though Herbalife Nutrition has consistently denied the allegations 86 A 2004 settlement resolved a class action suit on behalf of 8 700 former and current distributors who accused the company and distributors of essentially running a pyramid scheme A total of 6 million was to be paid out with defendants not admitting guilt In November 2011 the Commercial Court in Brussels Belgium ruled that Herbalife was an illegal pyramid scheme 87 The company filed an appeal on March 8 2012 88 On December 3 2013 a Belgian appeals court found for Herbalife reversing the lower court s finding 89 On May 1 2012 a short seller David Einhorn asked questions about the company s business and sales models during the Q1 earnings call setting off suspicions that Einhorn had a short position 90 91 These suspicions were proved correct in January 2013 when at an investor meeting Einhorn revealed that he had profited through a short position against the company Einhorn said the short had been closed before the end of 2012 92 Bill Ackman edit On December 20 2012 Bill Ackman of Pershing Square Capital presented a series of arguments outlining why his firm believed that Herbalife operated a sophisticated pyramid scheme and contended that its stock would hit zero 93 94 Ackman alleged after a year long investigation that the majority of distributors lose money that the chance of making the testimonial implied headline income is approximately one in five thousand and that the company materially overstates its distributors retail sales and understates their recruiting rewards 95 96 According to a number of financial commentators Ackman bet roughly 1 billion against the company 97 soon after remarks to the press the price of the stock decreased such that Ackman would have made 300 million if he had closed his short position then 98 96 99 In March 2015 federal prosecutors and the FBI revealed that they were investigating whether or not individuals paid by Ackman and otherwise had made false statements about Herbalife s business model to regulators and others in order to lower the company s stock price and influence authorities to conduct an investigation 100 101 In November 2017 Ackman closed out his short position after Herbalife shares increased by 51 percent over the year and replaced it with a less aggressive put option 102 103 In March 2018 The Wall Street Journal reported that Ackman had largely exited his bet against the company 104 while others reported that the bet against Herbalife had cost his company hundreds of millions of dollars and damaged the confidence of investors in his hedge fund 105 106 FTC investigation edit Based on information from a Freedom of Information Act FOIA request the New York Post reported on February 4 2013 that Herbalife was subject to a pending probe from the Federal Trade Commission FTC The FTC released 729 pages containing 192 complaints received over a 7 year period in regards to the New York Post s FOIA request 107 The FTC stated that the wording it used in its response to the FOIA request was incorrect the FTC could not confirm or deny an investigation into Herbalife 108 In March 2014 the FTC opened an investigation into Herbalife in response to calls from consumer groups and members in both houses of the United States Congress Herbalife responded to the probe by saying it welcomes the inquiry given the tremendous amount of misinformation in the marketplace and will cooperate fully with the FTC We are confident that Herbalife is in compliance with all applicable laws and regulations However in the press conference Herbalife was declared not necessarily not a pyramid scheme clarification needed 109 110 111 112 113 In July 2016 Herbalife agreed to change its business model and pay 200 million in a settlement with the FTC 3 114 115 116 Partial refund checks were mailed to roughly 350 000 Herbalife distributors in January 2017 The FTC said in a press release about the settlement it s virtually impossible to make money selling Herbalife products 117 118 The lawsuit alleged that Herbalife deceived consumers into believing they could earn substantial income from the business opportunity or big money from the retail sale of the company s products In addition the complaint charged that one of the fundamental principles of Herbalife s business model incentivizing distributors to buy products and to recruit others to join and buy products so they could advance in the company s marketing program rather than in response to actual consumer demand is an unfair practice in violation of the FTC Act 119 The company remains under investigation as of early 2019 both by the United States Department of Justice and the U S Securities and Exchange Commission SEC for corruption in China 120 On September 27 2019 the SEC announced that Herbalife has agreed to pay 20 million to settle charges of making false and misleading statements about its business model and operations in China between 2012 and 2018 The company did not admit or deny the charges but agreed to the settlement terms 121 122 123 U S Justice Department investigation of bribery in China edit In 2019 the U S Justice Department charged two of Herbalife s employees with conspiracy in violation of the Foreign Corrupt Practices Act FCPA They were accused of bribing Chinese officials in order to procure sales permits and to influence an investigation into Herbalife They were also accused of offering bribes to China Economic Net in order to influence their media coverage 124 In response Herbalife committed 40 million to resolve the issues and began negotiations with both the US Justice Department and SEC 125 In August 2020 Herbalife agreed to pay 123 million to the US Department of Justice and the U S Securities and Exchange Commission 126 Sports sponsorships editHerbalife has sponsored France s national volleyball team and the Major League Soccer club LA Galaxy since 2007 and has sponsored Cristiano Ronaldo since 2013 127 They sponsored FC Barcelona and Lionel Messi between 2010 and 2013 128 Herbalife has also sponsored the basketball club Herbalife Gran Canaria since 2012 129 In July 2020 Herbalife also sponsored the Guangzhou Charge of the Overwatch League 130 In addition to these team and player sponsorships Turkish Women s Basketball Super League has been named Herbalife Nutrition Women s Basketball Super League for three years starting the 2019 2020 regular season 131 In 2021 the company announced a partnership with the LA Galaxy on an augmented reality fan experience 132 It also has a multi year sponsorship with Jonathan Dos Santos of the LA Galaxy 133 During the 2020 Summer Olympics Herbalife Nutrition was a sponsor of the Olympic Committee of Israel and the Indian Olympic Association 134 135 In 2023 Herbalife became an official partner of the Indian Premier League 136 Media editIn April 2016 a documentary directed by Ted Braun titled Betting on Zero premiered at the Tribeca Film Festival It explored the allegation from Bill Ackman that Herbalife was a pyramid scheme and personal stories of its distributors who lost their life savings 137 Hilary Rosen a Democratic lobbyist and an adviser to Herbalife questioned Tribeca s credibility after claiming that the film was bought and paid for by Ackman to make good on his stock bet 138 139 In 2016 a Last Week Tonight with John Oliver segment on multi level marketing focused on Herbalife it strongly condemned the company for its structure resembling a pyramid scheme and cited the FTC report which implied the company had been operating illegitimately Oliver criticized Herbalife for its exploitation of Latino communities 140 and overstatement of its products health benefits 141 One reviewer wrote that it appeared to be largely based on Betting on Zero and caused no immediate change in Herbalife s stock prices 142 The 2018 book When The Wolves Bite Two Billionaires One Company and an Epic Wall Street Battle by Scott Wapner discusses Ackman s short of the company and his battle with Icahn 143 In the book Wapner characterizes Ackman s decision to bet against Herbalife as dangerous because it anticipated that the government would shut Herbalife down 144 References edit a b c d Herbalife LTD Income Statement Yahoo Finance 2017 Herbalife Nutrition Recognized as One of Forbes Magazine s Best Employers MarketWatch May 1 2018 Archived from the original on October 23 2019 Retrieved October 23 2019 a b Bartz Diane Flaherty Michael July 15 2016 Herbalife settles pyramid scheme case with regulator in blow to Pershing s Ackman Reuters Retrieved July 15 2016 Herbalife Will Restructure Its Multi level Marketing Operations and Pay 200 Million For Consumer Redress to Settle FTC Charges Federal Trade Commission July 15 2016 Retrieved May 9 2018 Elinav Eran Pinsker Galia Safadi Rifaat Pappo Orit Bromberg Michal Anis Emilia Keinan Boker Lital Broide Efrat Ackerman Zvi Kaluski Dorit Nitzan Lev Boaz Shouval Daniel October 1 2007 Association between consumption of Herbalife nutritional supplements and acute hepatotoxicity Journal of Hepatology 47 4 514 520 doi 10 1016 j jhep 2007 06 016 ISSN 0168 8278 Copage Eric V May 23 2000 Mark R Hughes 44 Founded Nutrition Supplement Concern The New York Times ISSN 0362 4331 Retrieved November 2 2022 Herbalife Nutrition Announces Leadership Change www businesswire com October 31 2022 Retrieved October 31 2022 It s no longer business as usual at Herbalife An inside look at the 200 million FTC settlement Federal Trade Commission July 15 2016 Retrieved May 9 2018 Schmidt Michael S Lipton Eric Stevenson Alexandra March 9 2014 After Big Bet Hedge Fund Pulls the Levers of Power The New York Times ISSN 0362 4331 Retrieved May 4 2018 Helm Janet August 28 2023 Herbalife Nutrition U S News amp World Report Retrieved October 18 2023 Research Center for Drug Evaluation and FDA Organization Letter to Herbalife Ltd Concerning Mischaracterization in Advertisement www fda gov Retrieved April 4 2018 Herbalife s Claims Drawing Medical Fire Government Probes tribunedigital chicagotribune Retrieved April 4 2018 a b History of Herbalife International Inc FundingUniverse www fundinguniverse com Unbridled Growth December 1 1985 Herbalife Lays Off 573 Blames Slowing Sales Los Angeles Times May 29 1985 a b Evans David December 8 2004 Nobel Prize Winner Didn t Disclose Herbalife Contract Update1 Bloomberg Archived from the original on April 19 2005 Retrieved December 1 2013 Whitaker Barbara June 23 2000 Herbalife s Afterlife Challenge Charismatic Leader Left an Image Problem and Other Issues The New York Times ISSN 0362 4331 Retrieved May 9 2018 Biddle Frederic M September 14 1999 Herbalife s Hughes Plans to Privatize In 500 Million Leveraged Buyout Wall Street Journal Retrieved May 9 2018 A Wonder Offer From Herbalife Bloomberg com September 12 1993 SEC 10 k 2005 But where are the distributors yachts Forbes October 20 1997 Copage Eric V May 23 2000 Mark R Hughes 44 Founded Nutrition Supplement Concern The New York Times p B11 ISSN 0362 4331 Retrieved May 9 2018 Christopher Pair Leaves Herbalife After Board Criticizes Management Wall Street Journal October 19 2001 Barker Robert December 20 2004 Suppress Your Appetite For Herbalife Bloomberg Retrieved May 9 2018 HERBALIFE LTD Form 10 K Annual Report 2005 March 14 2005 Evans D April 11 2002 Herbalife Other Ephedra Marketers Face Soaring Insurance Rates Bloomberg L P Herbalife Ltd Form 10 K 2004 United States Securities and Exchange Commission Retrieved February 20 2020 Cohan William D April 2013 Bill Ackman Dan Loeb Carl Icahn and Herbalife The Big Short War The Hive Retrieved May 9 2018 Herbalife to Buy Back 266 Million in Shares Wall Street Journal May 7 2014 Retrieved May 8 2014 Masunaga Samantha November 2 2016 Herbalife names a new CEO as it tries to move on from FTC settlement Retrieved November 4 2016 Herbalife Launches 600 Million Stock Buyback and Discloses Failed Buyout Talks Forbes Retrieved March 19 2018 Herbalife changes name to Herbalife Nutrition April 27 2018 Herbalife Ltd Announces Name Change To Herbalife Nutrition Ltd Reuters April 24 2018 Herbalife chief Richard Goudis resigns over comments he made before taking the job Los Angeles Times Retrieved September 4 2019 Fine Howard November 15 2019 Herbalife Names Agwunobi as CEO Los Angeles Business Journal Herbalife Nutrition Announces Leadership Change www businesswire com October 31 2022 Retrieved October 31 2022 Prior Anna July 31 2014 Herbalife to Expand Manufacturing Operations in China The Wall Street Journal Retrieved March 19 2018 Herbalife Corporate Profile PDF October 2009 Archived from the original PDF on March 2 2013 Retrieved October 9 2012 a b The Siege of Herbalife Fortune Retrieved March 19 2018 Chen I Chun June 1 2017 Herbalife Names Goudis as New CEO L A Biz HERBALIFE LTD Form 10 K Annual Report 2009 February 23 2010 Herbalife Bringing Life to Massive Former Dell Plant Winston Salem Journal June 15 2013 Retrieved March 19 2018 Herbalife Botanical Extraction Facility Food Processing Technology Retrieved March 19 2018 Herbalife Changsha Extraction Plant Open in 2013 Herbridge December 14 2012 Archived from the original on July 3 2013 Herbalife launches botanical extraction facility in China Nutra ingredients USA October 18 2010 Retrieved October 30 2011 a b Herbalife Wholesale amp Distribution International Archived from the original on May 30 2019 Retrieved March 19 2018 Herbalife s Newly Renovated California Manufacturing Facility Reuters March 14 2011 Archived from the original on January 17 2013 Retrieved October 9 2012 Comatose Sneak peek inside Herbalife s Winston Salem plant The Business Journal June 11 2013 Herbalife Sets Employee Volunteer Projects Winston Salem Journal February 2018 Retrieved March 19 2018 Das Geschaft mit den uberflussigen Pfunden in German Deutsche Gesellschaft fur Ernahrung Archived from the original on November 21 2011 Retrieved September 29 2011 Wie alle Formula Diaten ist auch Herbalife nicht als alleinige Massnahme geeignet das Gewicht langfristig zu reduzieren denn die Anwender lernen mit diesen Produkten keine ausgewogene fettreduzierte und kohlenhydratreiche Ernahrungsweise Herbalife says group retracts lead claims Reuters August 22 2008 Retrieved October 30 2011 Group Says 6 Dietary Supplements Contain Dangerous Levels of Lead FOXNews com May 20 2008 Retrieved October 30 2011 Deborah Crowe June 10 2008 Herbalife Sued Over Product Safety Los Angeles Business Journal Archived from the original on June 17 2008 Herbalife Leads Lean Mean Pack of Profitability Los Angeles Business Journal July 19 2010 Retrieved February 2 2011 a b Wapner Scott June 4 2017 Herbalife Cuts Sales Guidance Exceeds Key FTC Mandate CNBC Retrieved May 2 2018 a b Herbalife Will Restructure Its Multi Level Marketing Operations and Pay 200 Million For Consumer Redress to Settle FTC Charges Federal Trade Commission July 15 2016 Retrieved May 2 2018 Fair Leseley July 15 2016 It s No Longer Business as Usual at Herbalife An Inside Look at the 200 Million FTC Settlement FTC Retrieved May 2 2018 Herbalife Investor Relations Ir herbalife com Archived from the original on January 1 2020 Retrieved February 2 2011 Herbalife Quarterly Report to SEC June 2006 Sec gov January 28 2008 Retrieved February 2 2011 HERBALIFE LTD Form 10 K Annual Report 2007 February 26 2008 a b c d Elinav Eran Pinsker Galia Safadi Rifaat Pappo Orit Bromberg Michal Anis Emilia Keinan Boker Lital Broide Efrat Ackerman Zvi Kaluski Dorit Nitzan Lev Boaz Shouval Daniel October 2007 Association between consumption of Herbalife nutritional supplements and acute hepatotoxicity Journal of Hepatology 47 4 514 520 doi 10 1016 j jhep 2007 06 016 PMID 17692424 a b Schoepfer Alain M Engel Antoinette Fattinger Karin Marbet Urs A Criblez Dominique Reichen Juerg Zimmermann Arthur Oneta Carl M October 2007 Herbal does not mean innocuous Ten cases of severe hepatotoxicity associated with dietary supplements from Herbalife products Journal of Hepatology 47 4 521 526 doi 10 1016 j jhep 2007 06 014 PMID 17692989 Manso Gloria Lopez Rivas Laureano Salgueiro M Esther Duque Jose M Jimeno Francisco J Andrade Raul J Lucena M Isabel October 2011 Continuous reporting of new cases in Spain supports the relationship between Herbalife products and liver injury Pharmacoepidemiology and Drug Safety 20 10 1080 1087 doi 10 1002 pds 2180 PMID 21751292 S2CID 25458212 Chen Gary C Ramanathan VS Law D Funchain P Chen GC French S Shlopov B Eysselein V et al 2010 Acute liver injury induced by weight loss herbal supplements World Journal of Hepatology 2 11 410 5 doi 10 4254 wjh v2 i11 410 PMC 3004035 PMID 21173910 Johannsson M Ormarsdottir S Olafsson S 2010 Hepatotoxicity associated with the use of Herbalife Laeknabladid 96 3 167 72 PMID 20197595 Stickel F Droz S Patsenker E Bogli Stuber K Aebi B Leib SL 2009 Severe hepatotoxicity following ingestion of Herbalife nutritional supplements contaminated with Bacillus subtilis Journal of Hepatology 50 1 111 17 doi 10 1016 j jhep 2008 08 017 PMID 19010564 Chao S Anders M Turbay M Olaiz E Mc Cormack L Mastai R December 2008 Toxic hepatitis by consumption Herbalife products a case report Acta Gastroenterol Latinoam 38 4 274 77 PMID 19157382 Manso Gloria Lopez Rivas Laureano Duque Jose Maria Salgueiro Esther 2008 Spanish reports of hepatotoxicity associated with Herbalife products Journal of Hepatology 49 2 289 90 doi 10 1016 j jhep 2008 05 007 hdl 10651 6682 PMID 18571274 Duque JM Ferreiro J Salgueiro E Manso G 2007 Hepatotoxicity associated with the consumption of herbal slimming products Medicina Clinica 128 6 238 39 doi 10 1016 s0025 7753 07 72547 2 PMID 17335732 Stickel Felix Shouval Daniel June 2015 Hepatotoxicity of herbal and dietary supplements an update PDF Archives of Toxicology 89 6 851 65 doi 10 1007 s00204 015 1471 3 PMID 25680499 S2CID 18064225 Appelhans Kristy Smith C Bejar E Henig YS 2011 Revisiting acute liver injury associated with herbalife products World Journal of Hepatology 3 10 275 77 doi 10 4254 wjh v3 i10 275 PMC 3208182 PMID 22059112 HERBALIFE LTD 10 Q Quarterly Report Getfilings com March 31 2005 Retrieved October 30 2011 Linder Ronny June 24 2011 Israeli woman sues Herbalife claims products caused liver disease Haaretz com Retrieved October 30 2011 Spanish Ministry of Health issues precaution on Herbalife brand reuters com April 23 2008 Archived from the original on April 19 2021 There s been no proven link to liver problems Herbalife Responds to Spain s Ministry of Health Alert Archived May 29 2008 at the Wayback Machine AESAN Evaluation PDF in Spanish Aesan msc es Archived from the original PDF on April 7 2009 Retrieved December 1 2013 Teschke R Frenzel C Schwarzenboeck a Eickhoff A 2013 Herbalife hepatotoxicity Evaluation of cases with positive reexposure tests World Journal of Hepatology 5 7 353 63 doi 10 4254 wjh v5 i7 353 PMC 3724963 PMID 23898368 Teschke R Wolff A Frenzel C Schulze J Eickhoff A November 2012 Herbal hepatotoxicity a tabular compilation of reported cases Liver Int 32 10 1543 56 doi 10 1111 j 1478 3231 2012 02864 x PMID 22928722 S2CID 31536128 Bik Elisabeth December 20 2020 Paper about Herbalife related patient death removed after company threatens to sue the journal Science Integrity Digest Retrieved December 21 2020 Philips Cyriac A Augustine Philip Rajesh Sasidharan John Solomon K Valiathan Gopakumar C Mathew Jos Phalke Sameer Antony Kuruveetil L March 1 2019 REMOVED Slimming to the Death Herbalife Associated Fatal Acute Liver Failure Heavy Metals Toxic Compounds Bacterial Contaminants and Psychotropic Agents in Products Sold in India Journal of Clinical and Experimental Hepatology 9 2 268 272 doi 10 1016 j jceh 2018 08 002 ISSN 0973 6883 PMID 31024209 Anand Rishi October 17 2019 Legal demand from DSK Legal based in New Delhi PDF Retraction Watch Retrieved October 2 2023 Philips Abby December 20 2020 Last year March I published this article based on my experience with a patient who died after consuming herbalife products Twitter Archived from the original on December 20 2020 Retrieved December 20 2020 After legal threats from Herbalife Elsevier journal retracts and then removes a paper Retraction Watch December 22 2020 Retrieved December 22 2020 Herbalife Sets More Layoffs The New York Times May 30 1985 Hedge fund manager alleges Herbalife is pyramid scheme Stuart Pfeifer and Walter Hamilton Los Angeles Times December 20 2012 Statement from Nordic Herbalife Director denying toxicity of Herbalife products pyramid marketing scheme Icelandreview com December 6 2005 Archived from the original on January 15 2013 Retrieved February 2 2011 Herbalife Belgian Court Decision Scribd com Retrieved December 1 2013 Herbalife 2012 Annual Report Herbalife February 19 2013 Archived from the original on December 3 2013 Retrieved July 3 2013 Pfeifer Stuart December 3 2013 Herbalife says Belgian appeals court reversed pyramid scheme finding Los Angeles Times Herbalife International of America Inc Moderator Brett Chapman PDF Files shareholder com Archived from the original PDF on March 4 2016 Retrieved December 1 2013 Herbalife faces rising Einhorn pressure Financial Times May 14 2012 Einhorn Profited on Bet Against Herbalife The Wall Street Journal January 23 2013 Benoit David March 1 2018 Bill Ackman Surrenders in His Five Year War Against Herbalife The Wall Street Journal Retrieved January 14 2019 Neate Rupert December 21 2012 Herbalife CEO accused of running Ponzi scheme The Guardian Retrieved December 22 2012 Bill Ackman s Herbalife Presentation Business Insider December 20 2012 Retrieved December 1 2013 a b David Javier E December 20 2012 Ackman Defends Calling Herbalife a Pyramid Scheme CNBC Retrieved December 6 2014 John Hempton Bill Ackman enters the city of Stalingrad Bronte Capital December 28 2012 Felix Salmon What s Ackman s Herbalife game Reuters Blogs December 31 2012 John Carney December 20 2012 There s No Law Against Bill Ackman Talking His Book Cnbc com Archived from the original on December 3 2013 Retrieved December 1 2013 Matthews Christopher M March 12 2015 Prosecutors Interview People Tied to Ackman in Probe of Potential Herbalife Manipulation Wall Street Journal FBI Probes Ackman Fund for Herbalife Manipulation Bloomberg com March 12 2015 Moyer Liz February 28 2018 Five years after brawl with Icahn Ackman exits losing bet against Herbalife CNBC Retrieved January 14 2019 Bill Ackman is Capping His Losses on Herbalife Fortune Reuters November 1 2017 Retrieved March 19 2018 Benoit David March 1 2018 Bill Ackman Surrenders in His Five Year War Against Herbalife Wall Street Journal Is Bill Ackman s Private Hedge Fund Career Over The New York Observer April 5 2018 Investors are reportedly pulling out of Bill Ackman s hedge fund at a rapid pace Business Insider April 5 2018 Celarier Michelle February 4 2013 Salve for shorts New York Post Nypost com Retrieved December 1 2013 Celarier Michelle February 5 2013 FTC corrects language on Herbalife Nypost com Retrieved December 1 2013 Ramirez Edith July 15 2016 FTC Press Conference Herbalife Federal Trade Commission Retrieved April 7 2021 La Roche Julia March 12 2014 FTC Opens Investigation into Herbalife Shares Plunge Business Insider Retrieved March 13 2014 McCrum Dan March 12 2014 Herbalife hit by US pyramid scheme Financial Times Retrieved March 13 2014 Vardi Nathan March 12 2014 FTC Launches Herbalife Inquiry Shares Fall Forbes Retrieved March 13 2014 Townsend Matthew May 5 2016 Herbalife Soars After Saying It s Close to FTC Resolution Bloomberg com Retrieved June 3 2016 Herbalife Settlement With F T C Will Force Major Changes The New York Times July 16 2016 Retrieved July 15 2016 David McLaughlin Matthew Townsend July 15 2016 Herbalife Settles Pyramid Probe as FTC Seeks Major Changes bloomberg com Retrieved July 15 2016 Herbalife Is Paying a 200 Million Fine and Having a Great Day fortune com July 15 2016 Retrieved July 15 2016 Fair Lesley January 10 2017 Redress checks and compliance checks Lessons from the FTC s Herbalife and Vemma cases FTC gov Retrieved January 17 2017 Craver Richard January 11 2017 FTC says Herbalife refund checks are in the mail JournalNow com Winston Salem Journal Retrieved January 17 2017 It s no longer business as usual at Herbalife An inside look at the 200 million FTC settlement Federal Trade Commission July 15 2016 Herbalife chief Richard Goudis resigns over comments he made before taking the job Los Angeles Times January 9 2019 Retrieved September 26 2019 Herbalife to Pay 20 Million for Misleading Investors SEC September 27 2019 Retrieved October 2 2019 Herbalife Nutrition to pay 20 million to settle false disclosure charges U S SEC Reuters com September 27 2019 Retrieved October 2 2019 Herbalife to Pay 20 Million to Settle SEC Fraud Claims wsj com September 27 2019 Retrieved March 24 2020 Tokar Dylan November 15 2019 Former Herbalife Executives Charged With Conspiracy to Bribe Chinese Officials Wall Street Journal Retrieved November 22 2019 Tokar Dylan March 2 2020 Herbalife Sets Aside 40 Million for Bribery Settlement Wall Street Journal ISSN 0099 9660 Retrieved March 4 2020 Rocco Matthew August 28 2020 Herbalife pays 123m to resolve Chinese bribery claims Financial Times Retrieved August 29 2020 Herbalife Announces Five Year Sponsorship Of Real Madrid s Cristiano Ronaldo SportsBusiness Daily June 5 2013 Retrieved February 3 2018 Herbalife new nutrition sponsor FC Barcelona June 2 2010 Retrieved February 3 2018 C B Gran Canaria Renewed the Agreement with Herbalife Nutrition Until 2021 CB Gran Canaria April 4 2018 Guangzhou Charge Signs Three Year Non Endemic Sponsorship Deal With Herbalife Nutrition The Esports Observer July 13 2020 Retrieved January 11 2021 KBSL nin yeni sponsoru Herbalife Nutrition oldu 3 sezonluk sozlesme www hurriyet com tr in Turkish October 2 2019 Herbalife Nutrition and LA Galaxy Team Up to Offer Augmented Reality Fan Experience www directsellingnews com January 27 2021 Retrieved October 19 2021 Herbalife Signs LA Galaxy s Jonathan Dos Santos to Multi Year Sponsorship Direct Selling News www directsellingnews com June 1 2018 Retrieved October 19 2021 Sturm Uriel July 20 2021 Herbalife powers Israeli Olympians for upcoming 2020 Tokyo Olympics JPost com Retrieved October 19 2021 King Tom July 19 2021 Indian Olympic team gets Herbalife backing SportsPro Retrieved October 19 2021 Herbalife partners BCCI to become one of the official partners of IPL 2023 Moneycontrol March 29 2023 Retrieved July 19 2023 Zeitchik Steven April 22 2016 Tribeca Fest Betting on Zero stirs Herbalife waters Los Angeles Times Retrieved November 8 2016 Betting on Zero Herbalife doc feeds investors feud as director claims dirty tricks The Guardian April 11 2017 Hedge Funder Bill Ackman Is a Star at Tribeca Film Festival Even As He s Losing Billions New York Magazine April 12 2016 Moreno Carolina November 7 2016 John Oliver Exposes Herbalife And Its Dangerous Focus On Latinos Huffington Post Retrieved December 11 2017 Bort Ryan November 7 2016 John Oliver Says multilevel marketing Companies Like Herbalife Are Pyramid Schemes Newsweek Retrieved December 11 2017 John Oliver delivers epic takedown of Herbalife New York Post November 8 2016 Retrieved November 21 2016 Noto Anthony April 26 2018 New book chronicles the Ackman Icahn rivalry over Herbalife New York Business Journal Retrieved July 2 2018 Gurdus Elizabeth April 25 2018 Bill Ackman s bet against Herbalife was dangerous CNBC s Scott Wapner says CNBC Retrieved July 2 2018 External links edit nbsp Media related to Herbalife at Wikimedia Commons Official website Business data for Herbalife BloombergGoogleReutersSEC filingsYahoo Company profile by MarketWatch Retrieved from https en wikipedia org w index php title Herbalife amp oldid 1207775293, wikipedia, wiki, book, books, library,

article

, read, download, free, free download, mp3, video, mp4, 3gp, jpg, jpeg, gif, png, picture, music, song, movie, book, game, games.