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Mar 14 2014 | 10:50am ET
Nutritional supplements company Herbalife has postponed its annual meeting by five days, following its disclosure that it faces a Federal Trade Commission investigation.
The delay has nothing to do with the probe, Herbalife said. Instead, it needs more time to negotiate with its largest shareholder and chief cheerleader, Carl Icahn, over new board nominees.
Icahn already has two seats on Herbalife’s board.
Herbalife said Wednesday that the FTC had launched a civil probe. The company has been battling allegations by Pershing Square Capital Management’s William Ackman that it is a pyramid scheme.