Shares of Herbalife have been halted, Bloomberg News reports.

News is pending.

Herbalife is a multi-level marketing company that sells nutritional supplements and weight loss shakes.

It’s also the company that hedge fund manager Bill Ackman is short. Ackman, who runs Pershing Square Capital, believes the company is a “pyramid scheme” and he’s betting the stock will go to $US0.

His rival Carl Icahn and a number of other fund managers including George Soros and Richard Perry are long the stock.

More to come…

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.