Herbalife Plummets

Bill ackmanREUTERS/Eduardo MunozWilliam Ackman, founder and CEO of hedge fund Pershing Square Capital Management, speaks at the Sohn Investment Conference in New York, May 5, 2014. Activist investor Ackman said on Monday that he recommends the shares of mortgage finance giants Fannie Mae and Freddie Mac because the companies have low liquidity risk.

Herbalife shares were down as much as 11% Monday as Pershing Square founder Bill Ackman told CNBC he’s delivering a presentation tomorrow that will show the nutritional supplement provider is a massive fraud.

Appearing on “Halftime Report” with Scott Wapner, Ackman said the presentation would be the most important of his career.

He says he has enough evidence to show that Herbalife will eventually collapse.

Ackman already published a 300-page report in December of 2012 he says proved the Grand Cayman-based firm is a pyramid scheme. The stock has climbed about 33% since then, in large part because soon afterward Carl Icahn took a massive long position in the company.

Ackman will deliver his remarks at 10 a.m. tomorrow.

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