Live Updates From Ackman's Herbalife Presentation
These headlines were first posted to Benzinga Professional.
- 1:30 pm Bill Ackman's Presentation on Herbalife Ends After ~3.5 hours
- 1:09 pm Herbalife Shares Make New Day High, Up ~17%
- 12:51 pm Bob Chapman Promoting Herbalife on CNBC - Put $150 one year price target on Herbalife, Says Ackman was admittingly ignorant that he doesn't understand growth drivers, Says Herbalife is his biggest bet ever
- 12:24 pm Ackman Says Icahn Did Not Do the Type of Due Dilligance He Did
- 12:19 pm Ackman Taking Questions from Audience
- 12:04 pm Ackman Notes that CEO Johnson Sold $15 million into buyback
- 11:53 am "Michael Johnson Will Go Down in History As teh Best CEO of a Pyramid Scheme."
- 11:36 am The Club System is Described - Working up to Club 100 you unlock new privileges. At 25 members you can become a Daily School Club - others go to your club to learn and consume. At 50 you can train new recruits. At each level you must buy more inventory than at prior level. The presentation explains that there are no disclaimers for the cost of training in time and money, or the capital required to open a club.
- 11:10 am Herbalife Trading Volume 750% Higher Than Normal
- 10:52 am Highlighting 'Club 100' Certification Which Requires Training, However Attendees Are Advised Not to Tell Others They Are Being Certified - Ackman seems to be implying this is to make clubs look like there are more members than there actually are.
- 10:40 am Herbalife Shares Now up ~7% On Ackman's Presentation
10:26 am In 2010, 70% of Business in Mexico was from Nutrition Clubs
10:21 am Pershing Square Spent $50M to Investigate 240+ Nutrition Clubs
10:14 am Highlighting Main Target in US is Latino Population, Other Minorities
10:12 am Shares Of Herbalife Trading Up ~2%
10:11 am Doc from Former Employee Shows Bottom of Pyramid Cannot Participate in Globalization
10:10 am Showing Off Highlights from Documents Pershing Received
10:02 am 6K Users Tuned Into Ackman's Presentation on Herbalife
10:01 am Ackman's Presentation on Herbalife Has Just Begun
Headlines will be updated every several minutes
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.