Wednesday, 1 April 2015
Last updated 41 min ago
Dec 20 2012 | 9:46am ET
The markets have been anxiously awaiting David Einhorn's take on Herbalife for months. The nutrition and weight-control company's shares even soared 17% in May when the Greenlight Capital founder failed to mention it at the Ira Sohn Investment Research Conference.
The markets may have been looking to the wrong man: Yesterday, Pershing Square Capital Management's William Ackman "Einhorned" Herbalife.
The activist hedge fund manager called Herbalife a "pyramid scheme" and said that he has been shorting the stock for seven or eight months, CNBC reports. He's expected to go into greater detail in his own speech at today's Sohn Conference.
But even without those details, Herbalife's shares hit the skids, falling more 12% yesterday and tripping a single-stock circuit-breaker along the way.
Herbalife isn’t taking the criticism lying down, accusing Ackman of attempting to "illegally manipulate the market."
"The allegation that Herbalife is a pyramid scheme is bogus," CEO Michael Johnson said. "Make no mistake: Today's announcement isn't about Herbalife's business model. It's about Bill Ackman's business model."
Johnson further urged the Securities and Exchange Commission to investigate Ackman's statements.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…