Herbalife (HLF) CEO Johnson Can't Calm Riled-Up Hispanic Caucus
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Herbalife (NYSE: HLF) CEO Michael Johnson has been looking to cool the waters with the Congressional Hispanic Caucus, recently flying to Washington in order to stop a the group from requesting a Federal Trade Commission probe into the company. Unfortunately, it may have fallen on deaf ears.
The NY Post said that Caucus Chairman Ruben Hinijosa (D-Texas) and Rep. Loretta Sanchez (D-Calif.) are becoming concerned with Herbalife's operations. Member Linda Sanchez (D-Calif.) wrote a letter to the FTC last week.
Herbalife said in 2007 that Hispanics make up about 61 percent of its U.S. business.
Hedge fund giant Bill Ackman, of Pershing Square, recently said that Herbalife was targeting the community, possibly leading to financial harm for some. He commented to the Post, "What legitimate company wouldn’t welcome the opportunity for a Good Housekeeping seal of approval from its principal regulator...The fact that Johnson is lobbying Congress in an attempt to prevent the FTC from investigating speaks for itself.”
In a statement out to the Post, Herbalife said, "Michael Johnson was correcting any misrepresentations from short-sellers who have met with members to try to drum up support for their reckless $1 billion bet."
Herbalife is flat in early trading.
The NY Post said that Caucus Chairman Ruben Hinijosa (D-Texas) and Rep. Loretta Sanchez (D-Calif.) are becoming concerned with Herbalife's operations. Member Linda Sanchez (D-Calif.) wrote a letter to the FTC last week.
Herbalife said in 2007 that Hispanics make up about 61 percent of its U.S. business.
Hedge fund giant Bill Ackman, of Pershing Square, recently said that Herbalife was targeting the community, possibly leading to financial harm for some. He commented to the Post, "What legitimate company wouldn’t welcome the opportunity for a Good Housekeeping seal of approval from its principal regulator...The fact that Johnson is lobbying Congress in an attempt to prevent the FTC from investigating speaks for itself.”
In a statement out to the Post, Herbalife said, "Michael Johnson was correcting any misrepresentations from short-sellers who have met with members to try to drum up support for their reckless $1 billion bet."
Herbalife is flat in early trading.
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