Last month, activist investor Bill Ackman delivered a mammoth presentation on his latest short–Herbalife. Ackman, who runs Pershing Square Capital Management, believes the multi-level marketing company that sells nutrition products is a pyramid scheme.
His hedge fund is shorting more than 20 million shares and has a price target of zero.
Following Ackman’s 342-slide presentation, Herbalife came out and said that he used outdated and inaccurate information.
Since December 18, the trading session before Ackman confirmed his short, shares are off 6%. They had tumbled more than 38% at one point.
Today, Herbalife presented its rebuttal to Ackman’s claims.
We’ve included highlights below.