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  1. #1
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    [EN] Herbalife wins dismissal of U.S. 'pyramid scheme' lawsuit

    (Reuters) - Herbalife Ltd (HLF.N) won the dismissal of a lawsuit that claimed the maker of weight-loss and nutritional products fraudulently portrayed itself as a legitimate company, and that shareholders lost money because it was actually an illegal pyramid scheme.

    U.S. District Judge Dale Fischer in Los Angeles said that shareholders led by two pension funds did not show that questions raised about Herbalife's business by hedge fund manager William Ackman and various investigators showed that the company had fraudulently inflated its stock price.

    Ackman and his Pershing Square Capital Management LP have campaigned against Herbalife since December 2012, when they revealed a $1 billion bet against the Los Angeles-based company. Herbalife has long denied it is a pyramid scheme.

    Herbalife shares were up 9.4 percent at $37.68 on Wednesday afternoon after rising as much as 14 percent earlier in the session. They remain well below their January 2014 peak above $83.

    Fischer on Monday rejected claims in the proposed class action that news about concerns from Massachusetts Senator Edward Markey, a Federal Trade Commission probe, weak quarterly results, and even questions raised by Ackman and hedge fund manager David Einhorn were "corrective disclosures" that revealed Herbalife's fraud.

    "Just as black swans may exist, there may theoretically be some form of opinion that is factual or revelatory in nature such that it qualifies as a corrective disclosure," Fischer wrote in a footnote. "Such an opinion would need to reveal to the market something previously hidden or actively concealed. That is not this case."

    The lead plaintiffs are the Oklahoma Firefighters Pension and Retirement System and the City of Atlanta Firefighters’ Pension Fund. Their lawyer, Maya Saxena, on Wednesday said the plaintiffs are considering whether to amend their complaint.

    Herbalife said it welcomed Fischer's decision.

    "We are confident in the strong fundamentals of our business model and remain committed to helping people and communities improve their nutrition," it said.

    Critics have said Herbalife misleads distributors about how much they can earn, and that its success depends more on recruiting distributors than selling products.

    Ackman told CNBC last week that federal investigators examining possible manipulation of Herbalife's stock price have subpoenaed people hired by a consulting group working for Pershing.

    Another federal judge in Los Angeles will on May 11 consider final approval of Herbalife's $15 million settlement with distributors who said the company misled them.

    The case is In re: Herbalife Ltd Securities Litigation, U.S. District Court, Central District of California, No. 14-02850.

    (Reporting by Jonathan Stempel in New York; editing by Bernadette Baum and Matthew Lewis)
    http://www.reuters.com/article/2015/...0ME1LE20150318

  2. #2
    WHT-BR Top Member
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    Dec 2010
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    15,045

    Herbalife not exonerated by U.S. judge: Pershing Square

    Despite what it called Herbalife's "misleading public suggestions," U.S. District Judge Dale Fischer in Los Angeles did not address whether Herbalife was an illegal pyramid scheme, as Ackman has contended.


    (Reuters) - The hedge fund firm run by activist investor William Ackman said on Friday a federal judge's recent dismissal of a shareholder lawsuit against Herbalife Ltd did not "exonerate or bless" its business practices.

    Pershing Square Capital Management LP, which in December 2012 revealed a $1 billion bet against the weight loss and nutritional products company, said recent news reports it was behind the lawsuit, or had sued Herbalife itself, were false.

    It also said that, despite what it called Herbalife's "misleading public suggestions," U.S. District Judge Dale Fischer in Los Angeles did not address whether Herbalife was an illegal pyramid scheme, as Ackman has contended.

    Herbalife shares have risen 22.3 percent in the last three days after reports of Fischer's decision began to surface.

    They closed on Friday up $4.16, or 11 percent, at $42.10, in part on market speculation that Ackman had begun to cover his short position. Ackman has said many times he expects Herbalife's share price to fall to zero.

    Fischer had written that shareholders led by two pension funds did not show questions raised about Herbalife by Ackman and various federal and state investigators showed that the company fraudulently inflated its stock price.

    Herbalife said on Wednesday it welcomed the dismissal, and added: "We are confident in the strong fundamentals of our business model and remain committed to helping people and communities improve their nutrition."

    In its statement on Friday, Pershing Square said it believed the result of the various probes "will be that Herbalife will be shut down or will be required to modify its deceptive practices so substantially that the company will not be able to survive."

    Fischer's decision is dated March 16.

    Herbalife did not respond to a request for comment on Pershing Square's statement.

    (Reporting by Jennifer Ablan, David Gaffen and Jonathan Stempel in New York; Editing by Jeffrey Benkoe, Tom Brown and Andre Grenon)
    http://www.reuters.com/article/2015/...0MG25U20150320

  3. #3
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    Nov 2010
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    Porto Alegre/RS
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    Nunca foi. Bem diferente da Telexfree.
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