LIVE: Bill Ackman Is Giving A Presentation On Herbalife's China Business Practices
This time it's on Herbalife's business practices in China.
Pershing Square says they have done an investigation and that they have evidence that the company is operating in violation of Chinese law.
"The report will show that Herbalife's business in China operates much like the company's business in the rest of the world - as a pyramid scheme," Pershing said in a press release.
Refresh this page for live updates.
In late 2012, at a special Sohn Conference event, Ackman publicly declared that Pershing Square was shorting $1 billion worth of Herbalife stock. In a 342-slide presentation, Ackman laid out his thesis that the company operates as a "pyramid scheme" that targets lower income individuals, particularly from the Hispanic population.
It's his belief that regulators, specifically the Federal Trade Commission, will be persuaded to investigate and shut the company down.
Herbalife has denied Ackman's allegations.
What's more is a number of hedge fund managers, most notably Ackman's rival Carl Icahn, have snapped up significant long positions in the stock.
The Herbalife short has been Ackman's "biggest loser" in his hedge fund's history. Since Ackman revealed his short position, shares of Herbalife have surged. So far, he's suffered an estimated $500 million in paper losses.
He's continued to say that he will take this short "to the end of the earth."