October 22, 2014
NEW YORK (AP) - Hedge fund manager William Ackman is applauding a consumer group's push for the Federal Trade Commission to investigate whether Herbalife is a pyramid scheme.
The National Consumers League said that it wants the FTC to investigate the claims against Herbalife as well as the vitamin and supplement products company's responses.
Ackman said in a statement late Tuesday that he was pleased that the NCL was requesting an FTC investigation and believes it will show that the company is a pyramid scheme.
A representative for Herbalife Ltd. could not be immediately reached for comment.
Last month Herbalife denied a media report that it was the target of a law enforcement investigation. At that time the FTC would not confirm or deny whether any government agency was investigating Herbalife.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.