Wednesday, 26 April 2017
Last updated 8 hours ago
Nov 1 2013 | 1:29pm ET
Just under a year after launching his attack on nutritional supplements company Herbalife, Pershing Square Capital Management's William Ackman will go back on the offensive after a difficult few months.
Ackman plans to make his second major presentation about the company at the Robin Hood Investment Conference later this month. In December, Ackman threw down the gauntlet at Herbalife, calling it a pyramid scheme and predicting it would be shuttered by federal regulators.
Herbalife and several hedge fund nemeses of Ackman's, notably Carl Icahn and Third Point's Daniel Loeb, took up the challenge, and have had by far the better of the battle so far. While Ackman posted gains early in his Herbalife bet, the company's stock price has nearly doubled this year, and Ackman restructured his $1 billion short bet against the company in September to cut risk. Pershing Square currently has a $500 million paper loss on its Herbalife investment.
But Ackman hasn't given up on Herbalife, reiterating in a speech this week at Oxford University his conviction that the company will collapse. Now, according to CNBC, he'll offer new information about Herbalife at the Robin Hood conference.
That new information was gleaned from conversations with several former Herbalife employees, CNBC reports.