 Herbalife |
Last month, Ackman, who runs $11 billion Pershing Square Capital Management, presented a three-hour long short thesis explaining that he thinks Herbalife is a pyramid scheme.
His hedge fund is shorting more than 20 million shares and has a price target of zero. In other words, he thinks the company is going to fail.
Herbalife finally responded today with it's own two-hour, 102-slide investor and analyst day presentation at an event in Midtown Manhattan.
In their presentation, Herbalife aims to debunk the points that Ackman made about their distribution, retail sales and accounting methods, among other things. Herbalife also claimed that Ackman was "misleading" and used "misinformation."
We've included the full presentation in the slides that follow.
During the presentation, shares of Herbalife moved up more than 5%. They were last trading down more than 4%.