Bill Ackman Fights Back!
Ackman, who runs Pershing Square Capital Management, was not impressed with their takedown of his case he made.
Here's the full release from Pershing:
William A. Ackman, CEO of Pershing Square Capital Management said, “In advance of today’s analyst day, Herbalife promised to provide a detailed refutation of each of the facts that we enumerated in our December 20th presentation. Instead, the company distorted, mischaracterized, and outright ignored large portions of our presentation. For example, Herbalife did not respond to our identification of overstatements and inaccuracies in the company’s earnings statement for distributors, which among other deceptions, excludes the 93% of distributors that have zero gross earnings.
In today’s presentation, Herbalife offered the opportunity for ‘anyone’ to ask questions of Herbalife so its business can be better understood.
Pershing Square will be publicly releasing a detailed series of questions that will assist investors, regulators, distributors, and other interested parties in understanding the truth about Herbalife. Thereafter, we will respond with particularity to every issue raised today by Herbalife.
Over the last three weeks, we have been contacted by numerous interested parties who have provided additional insight into Herbalife’s business practices. We will be addressing these new issues in our updated presentation.
Please go to www.factsaboutherbalife.com to view our presentation and learn more about the company.”
Pershing Square is shorting more than 20 million shares of Herbalife and believes the multi-level marketing company that sells nutrition products is a pyramid scheme. Ackman has a price target of zero.