Shares Of Herbalife Spike As Company Makes Its Case Against Ackman

Shares of Herbalife are up more than 3 percent as executives from the multi-level marketing company that sells nutrition products rebut hedge fund manager Bill Ackman's short thesis.

The stock has been trading in a range of $39.18 to $40.99.

Ackman, who runs Pershing Square Capital Management, is shorting 20 million shares of Herbalife. He believes the company is a pyramid scheme and has a price target of zero.

Since confirming his short, the stock is off 6%. It had been off more than 38%.

Herbalife is refuting his claims right now.

Check out the chart:

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SEE: Herbalife Is Presenting Its Huge Takedown Of Ackman's Short Case >