Business

Ackman applauds call for Herbalife investigation

William Ackman

William Ackman

NEW YORK — Hedge fund manager William Ackman is applauding a consumer group’s push for the Federal Trade Commission to investigate whether Herbalife is a pyramid scheme.

The National Consumers League said that it wants the FTC to investigate the claims against Herbalife as well as the vitamin and supplement products company’s responses.

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Ackman said that he was pleased that the league was requesting an FTC investigation and believes it will show that the company is a pyramid scheme.

A representative for Herbalife Ltd. could not be immediately reached for comment.

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Last month Herbalife denied a media report that it was the target of a law enforcement investigation. At that time the FTC would not confirm or deny whether any government agency was investigating Herbalife.

Associated Press

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