Herbalife

2024-05-19T20:53:30Z

Foster Mkandawire: I have included a link to a website that provides an in-depth analysis of Herbalife products

{{short description|American global multi-level marketing company}}
{{Use mdy dates|date=May 2021}}
{{Infobox company
| name = Herbalife Nutrition Ltd.
| logo = HerbaLife logo.svg
| type = [[Public company]]
| traded_as = {{ubl|{{NYSE|HLF}}|[[Russell 2000]] component}}
| founder = [[Mark R. Hughes]]
| key_people = [[Michael O. Johnson]] (Chairman & CEO)
| industry = [[Multi-level marketing]]
| products = {{hlist|[[Dietary supplements]]|[[protein supplement]]s|[[personal care]]|[[sports nutrition]]}}
| revenue = {{US$|5.06 billion|link=yes}} (2023)<ref name="financials">{{cite web |url =https://finance.yahoo.com/quote/HLF/financials?p=HLF |title= Herbalife LTD. Income Statement |publisher= Yahoo! Finance|date=2017}}</ref>
| operating_income = US$356 million (2023)<ref name="financials"/>
| net_income = US$142 million (2023)<ref name="financials"/>
| assets = US$2.80 billion (2023)<ref name="financials"/>
| num_employees = 8,900+ (2023)<ref>{{cite web|url=https://www.marketwatch.com/press-release/herbalife-nutrition-recognized-as-one-of-forbes-magazines-best-employers-2018-05-01|title=Herbalife Nutrition Recognized as One of Forbes Magazine's Best Employers|publisher=MarketWatch|date=May 1, 2018|access-date=October 23, 2019|archive-date=October 23, 2019|archive-url=https://web.archive.org/web/20191023041551/https://www.marketwatch.com/press-release/herbalife-nutrition-recognized-as-one-of-forbes-magazines-best-employers-2018-05-01|url-status=dead}}</ref>
| founded = {{Start date and age|1980|2}} in<br />[[Los Angeles]], [[California]], U.S.
| hq_location = [[L.A. Live]]<br>Los Angeles, California, U.S.; legal domicile: [[Cayman Islands]]
| website = {{URL|herbalife.com}}
}}
{{coord|33.8572|-118.2919|region:US_type:landmark|display=title}}
'''Herbalife Nutrition Ltd.''', also called '''Herbalife International, Inc.''' (with a U.S. subsidiary called '''Herbalife International of America''') or simply '''Herbalife''', is an American multinational [[multi-level marketing]] (MLM) corporation that develops and sells [[dietary supplements]]. The company has been alleged to have fraudulently operated a [[pyramid scheme]].<ref name="reuters.com">{{cite web |last1=Bartz |first1=Diane |last2=Flaherty |first2=Michael |date=15 July 2016 |title=Herbalife settles pyramid scheme case with regulator, in blow to Pershing's Ackman |url=https://www.reuters.com/article/us-herbalife-probe-ftc-idUSKCN0ZV1F7 |access-date=15 July 2016 |publisher=[[Reuters]]}}</ref><ref>{{Cite news |date=2016-07-15 |title=Herbalife Will Restructure Its Multi-level Marketing Operations and Pay $200 Million For Consumer Redress to Settle FTC Charges |language=en |work=Federal Trade Commission |url=https://www.ftc.gov/news-events/press-releases/2016/07/herbalife-will-restructure-its-multi-level-marketing-operations |access-date=2018-05-09}}</ref> Some products sold by Herbalife have caused [[acute hepatitis]].<ref>{{Cite journal |last1=Elinav |first1=Eran |last2=Pinsker |first2=Galia |last3=Safadi |first3=Rifaat |last4=Pappo |first4=Orit |last5=Bromberg |first5=Michal |last6=Anis |first6=Emilia |last7=Keinan-Boker |first7=Lital |last8=Broide |first8=Efrat |last9=Ackerman |first9=Zvi |last10=Kaluski |first10=Dorit Nitzan |last11=Lev |first11=Boaz |last12=Shouval |first12=Daniel |date=2007-10-01 |title=Association between consumption of Herbalife® nutritional supplements and acute hepatotoxicity |url=https://www.sciencedirect.com/science/article/pii/S0168827807003674 |journal=Journal of Hepatology |volume=47 |issue=4 |pages=514–520 |doi=10.1016/j.jhep.2007.06.016 |pmid=17692424 |issn=0168-8278}}</ref> The business is incorporated in the [[Cayman Islands]], a [[tax haven]], with its corporate headquarters located in [[Los Angeles]], [[California]].

The company was founded by [[Mark R. Hughes]] in 1980,<ref>{{Cite news |last=Copage |first=Eric V. |date=2000-05-23 |title=Mark R. Hughes, 44; Founded Nutrition Supplement Concern |language=en-US |work=The New York Times |url=https://www.nytimes.com/2000/05/23/business/mark-r-hughes-44-founded-nutrition-supplement-concern.html |access-date=2022-11-02 |issn=0362-4331}}</ref> and it employs an estimated 9,900 people worldwide. The company operates in 95 countries through a network of approximately 4.5 million [[Multi-level marketing#Setup|independent distributors]] and members. In October 2022, previous CEO [[Michael O. Johnson]] was appointed as Chairman and interim Chief Executive Officer following the departure of [[John Agwunobi]].<ref>{{Cite web |date=2022-10-31 |title=Herbalife Nutrition Announces Leadership Change |url=https://www.businesswire.com/news/home/20221031005778/en/Herbalife-Nutrition-Announces-Leadership-Change |access-date=2022-10-31 |website=www.businesswire.com |language=en}}</ref>

Herbalife has been accused of deceiving consumers about potential returns, and that most returns are made from distributors that one recruits. The company agreed to "fundamentally restructure" its business in the United States, and pay a $200 million fine as part of a 2016 settlement with the [[U.S. Federal Trade Commission]] (FTC) following these accusations.<ref>{{Cite news|url=https://www.ftc.gov/news-events/blogs/business-blog/2016/07/its-no-longer-business-usual-herbalife-inside-look-200|title=It's no longer business as usual at Herbalife: An inside look at the $200 million FTC settlement|date=2016-07-15|work=Federal Trade Commission|access-date=2018-05-09|language=en}}</ref>

==History==
In February 1980, Mark R. Hughes began selling the original Herbalife weight management product from the trunk of his car. Hughes often stated that the genesis of his product and program stemmed from the weight loss concerns of his mother Joanne whose premature death he attributed to an eating disorder and an unhealthy approach to weight loss.<ref>{{Cite news|url=https://www.nytimes.com/2014/03/10/business/staking-1-billion-that-herbalife-will-fail-then-ackman-lobbying-to-bring-it-down.html|title=After Big Bet, Hedge Fund Pulls the Levers of Power|last1=Schmidt|first1=Michael S.|date=March 9, 2014|work=The New York Times|access-date=May 4, 2018|last2=Lipton|first2=Eric|language=en-US|issn=0362-4331|last3=Stevenson|first3=Alexandra}}</ref> His first product was a [[protein shake]] designed to help people manage their weight. He structured his company using a [[direct-selling]], [[multi-level marketing]] model.<ref>{{Cite web |last=Helm |first=Janet |date=28 August 2023 |title=Herbalife Nutrition |url=https://health.usnews.com/best-diet/herbalife-nutrition-diet |access-date=18 October 2023 |website=U.S. News & World Report}}</ref> In 1982, Herbalife received complaints from the [[Food and Drug Administration]] for claims made about certain products and the inclusion of [[mandrake]], [[poke root]], and food-grade [[linseed oil]] in another.

The [[Department of Justice (Canada)|Department of Justice of Canada]] filed criminal charges against the company in November 1984 for misleading medical claims in advertisements.<ref>{{Cite web|url=https://www.fda.gov/AboutFDA/CentersOffices/ucm427010.htm|title=FDA Organization{{snd}}Letter to Herbalife Ltd. Concerning Mischaracterization in Advertisement|last=Research|first=Center for Drug Evaluation and|website=www.fda.gov|language=en|access-date=2018-04-04}}</ref><ref>{{Cite news|url=http://articles.chicagotribune.com/1985-05-03/business/8501270403_1_mark-reynolds-hughes-herbalife-international-united-states-food|title=Herbalife's Claims Drawing Medical Fire, Government Probes|work=tribunedigital-chicagotribune|access-date=2018-04-04|language=en}}</ref> As a result of the complaints, the company modified its product claims and reformulated the product.<ref name="fundinguniverse.com">{{Cite web|url=http://www.fundinguniverse.com/company-histories/herbalife-international-inc-history/|title=History of Herbalife International, Inc. – FundingUniverse|website=www.fundinguniverse.com}}</ref>

By 1985, Herbalife was considered the fastest-growing private company in America by ''[[Inc. (magazine)|Inc.]]'' after its sales increased from $386 thousand to $423 million over the previous five years.<ref>{{Cite web|url=https://www.inc.com/magazine/19851201/8371.html|title=Unbridled Growth|date=December 1, 1985}}</ref> That same year, the [[Attorney General of California|California Attorney General]] sued the company for making inflated claims about the efficacy of its products. The company suffered as a result of the lawsuit and was forced to lay off nearly 800 employees by May 1985.<ref>{{Cite web|url=http://articles.latimes.com/1985-05-29/business/fi-7634_1_herbalife-products|title=Herbalife Lays Off 573, Blames Slowing Sales| website=[[Los Angeles Times]] |date=May 29, 1985}}</ref> The company settled the suit for $850,000 without admitting wrongdoing.<ref name="blmbg">{{cite news|url=https://www.bloomberg.com/apps/news?pid=10000039&sid=aFh1K0o4xxQY&refer=columnist_evans|title=Nobel Prize Winner Didn't Disclose Herbalife Contract (Update1)|last=Evans|first=David|date=2004-12-08|access-date=2013-12-01|archive-url=https://web.archive.org/web/20050419135903/https://www.bloomberg.com/apps/news?pid=10000039&sid=aFh1K0o4xxQY&refer=columnist_evans|archive-date=2005-04-19|publisher=Bloomberg}}</ref> In 1986, Herbalife became a publicly traded company on the [[NASDAQ]] and rebranded itself as Herbalife International. However, as a result of the negative publicity from the FDA lawsuit, the company posted a $3 million loss that year.<ref>{{Cite news|url=https://www.nytimes.com/2000/06/23/business/herbalife-s-afterlife-challenge-charismatic-leader-left-image-problem-other.html|title=Herbalife's Afterlife Challenge; Charismatic Leader Left an Image Problem and Other Issues|last=Whitaker|first=Barbara|date=2000-06-23|work=The New York Times|access-date=2018-05-09|language=en-US|issn=0362-4331}}</ref><ref>{{Cite news|url=https://www.wsj.com/articles/SB93727647795878538|title=Herbalife's Hughes Plans to Privatize In $500 Million, Leveraged Buyout|last=Biddle|first=Frederic M.|date=September 14, 1999|work=Wall Street Journal|access-date=2018-05-09|language=en-US}}</ref>

By 1988, the company had expanded its reach to Japan, Spain, New Zealand, Israel, and Mexico, and it increased its worldwide sales to $191 million in 1991. In 1993, the company underwent a secondary offering of five million shares.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/1993-09-12/a-wonder-offer-from-herbalife|title=A Wonder Offer From Herbalife| newspaper=Bloomberg.com |date=September 12, 1993}}</ref> The company launched a line of personal care products in 1995 which included fragrances and facial cleansing products.<ref>{{Cite web|title=SEC 10-k 2005|url=https://www.sec.gov/Archives/edgar/data/1180262/000095014806000008/v16934e10vk.htm}}</ref> The company was sued in civil court by two former distributors in 1997 for withholding earned income.<ref>{{Cite web|url=https://www.forbes.com/forbes/1997/1020/6009043a.html#5d091af962df|title=But where are the distributors' yachts?| website=[[Forbes]] |date=October 20, 1997}}</ref>

In 1999, Hughes attempted to take the company private after asserting that Wall Street was undervaluing the company. While the board approved the buyout offer, shareholders of the company filed a suit against the firm because they believed the share price they were offered was unfair. Hughes eventually abandoned his attempt to buy the company and settled the suit with shareholders.<ref name="fundinguniverse.com"/> On May 20, 2000, Mark Hughes died at age 44.<ref>{{Cite news|url=https://www.nytimes.com/2000/05/23/business/mark-r-hughes-44-founded-nutrition-supplement-concern.html|title=Mark R. Hughes, 44; Founded Nutrition Supplement Concern|last=Copage|first=Eric V.|date=May 23, 2000|work=The New York Times|access-date=2018-05-09|page=B11|language=en-US|issn=0362-4331}}</ref> Following his death, the company was led by Christopher Pair until October 2001.<ref>{{Cite news|url=https://www.wsj.com/articles/SB1003463485151922760|title=Christopher Pair Leaves Herbalife After Board Criticizes Management|newspaper=Wall Street Journal|date=October 19, 2001}}</ref>

=== J.H. Whitney & Company and Golden Gate Capital ===
In 2002, the company was acquired for US$685 million by [[J.H. Whitney & Company]] and [[Golden Gate Capital]].<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2004-12-19/suppress-your-appetite-for-herbalife|title=Suppress Your Appetite For Herbalife|last=Barker|first=Robert|date=December 20, 2004|work=Bloomberg|access-date=2018-05-09|language=en}}</ref> Concurrently, plant sources of [[ephedrine]] were removed from Herbalife products in 2002 after several U.S. states banned supplements containing such herbs.<ref name="ar2005" />{{rp|15}}<ref>{{cite news |first= D.|last= Evans|title= Herbalife, Other Ephedra Marketers Face Soaring Insurance Rates|publisher=[[Bloomberg L.P.]]|date= 11 April 2002}}</ref> In April 2003, [[Michael O. Johnson]] joined Herbalife as CEO following a 17-year career with [[The Walt Disney Company]].<ref name="blmbg" /> On December 16, 2004, the company had an initial public offering on the [[NYSE]] of 14.5 million common shares at $14 per share,<ref>{{Cite web|url=https://www.sec.gov/Archives/edgar/data/1180262/000104746905006359/a2153305z10-k.htm|title=Herbalife Ltd. Form 10-K 2004|website=United States Securities and Exchange Commission|access-date=20 February 2020}}</ref> netting the owners $1.3 billion.<ref>{{Cite web|url=https://www.vanityfair.com/news/2013/04/bill-ackman-dan-loeb-herbalife|title=Bill Ackman, Dan Loeb, Carl Icahn, and Herbalife: The Big Short War|last=Cohan|first=William D.|date=April 2013|website=The Hive|language=en|access-date=2018-05-09}}</ref>

On May 7, 2014, the company announced that it entered into a deal with [[Bank of America Merrill Lynch]] to repurchase $266 million of its stock.<ref>{{cite news |url=https://www.wsj.com/news/articles/SB10001424052702303701304579547544101991788 |title=Herbalife to Buy Back $266 Million in Shares|publisher=Wall Street Journal |date=2014-05-07 |access-date=2014-05-08}}</ref>

The company announced in November 2016 that Chief Operating Officer Richard Goudis would take over the position of CEO in June 2017 and Johnson would transition to executive chairman.<ref>{{Cite news|url=http://www.latimes.com/business/la-fi-herbalife-ceo-20161102-story.html|title=Herbalife names a new CEO as it tries to move on from FTC settlement|last=Masunaga|first=Samantha|date=2 November 2016|access-date=4 November 2016}}</ref> In August 2017, the company announced that it would repurchase up to $600 million of its stock.<ref>{{cite web|url=https://www.forbes.com/sites/nathanvardi/2017/08/21/herbalife-launches-600-million-stock-buyback-and-discloses-failed-buyout-talks/#5088404b605d|title=Herbalife Launches $600 Million Stock Buyback and Discloses Failed Buyout Talks|work=Forbes|access-date=19 March 2018}}</ref> On April 25, 2018, Herbalife announced that it had changed its name from Herbalife Ltd. to Herbalife Nutrition Ltd. The company also announced that its shareholders had approved a two-for-one stock split.<ref>{{Cite web|url=https://www.bizjournals.com/losangeles/news/2018/04/27/herbalife-changes-name-to-herbalife-nutrition.html|title=Herbalife changes name to Herbalife Nutrition|date=April 27, 2018}}</ref><ref>{{Cite news|url=https://www.reuters.com/article/brief-herbalife-ltd-announces-name-chang/brief-herbalife-ltd-announces-name-change-to-herbalife-nutrition-ltd-idUSFWN1S11C8|title=Herbalife Ltd Announces Name Change To Herbalife Nutrition Ltd|newspaper=Reuters|date=April 24, 2018}}</ref> In January 2019, Herbalife announced that it was replacing Goudis after learning of comments he had made before taking over as CEO that were “contrary to the company’s expense-related policies and business practices” and inconsistent with the company's standards and culture”. Former CEO Johnson subsequently took over the role on an interim basis.<ref name="LAT010919">{{cite news |title=Herbalife chief Richard Goudis resigns over comments he made before taking the job |url=https://www.latimes.com/business/la-fi-herbalife-goudis-resigns-20190109-story.html |access-date=September 4, 2019 |work=[[Los Angeles Times]]}}</ref>

In March 2020, John Agwunobi was named as its next chief executive.<ref>{{cite news |last1=Fine |first1=Howard |title=Herbalife Names Agwunobi as CEO |url=https://labusinessjournal.com/news/2019/nov/15/herbalife-names-agwunobi-ceo/ |work=Los Angeles Business Journal |date=15 November 2019 }}</ref> Agwunobi departed Herbalife Nutrition in October 2022 and Michael O. Johnson was named Chairman and interim Chief Executive Officer.<ref>{{Cite web |date=2022-10-31 |title=Herbalife Nutrition Announces Leadership Change |url=https://www.businesswire.com/news/home/20221031005778/en/Herbalife-Nutrition-Announces-Leadership-Change |access-date=2022-10-31 |website=www.businesswire.com |language=en}}</ref>

==Products==
[[File:Herbalife Nutrition Products.jpg|thumb|Herbalife Nutrition products]]
[https://herbalifeteamzambia.com/herbalife-products-and-prices-in-zambia/ Herbalife Nutrition's products] include weight-loss and protein shakes,<ref>{{cite news|url=https://www.wsj.com/articles/herbalife-to-expand-manufacturing-operations-in-china-1406815097|title=Herbalife to Expand Manufacturing Operations in China|newspaper=The Wall Street Journal|date=July 31, 2014|access-date=19 March 2018|last1=Prior|first1=Anna}}</ref> as well as protein bars, teas, aloes, vitamins, and sports hydration, energy, and personal care products.<ref>{{cite web |url=http://company.herbalife.co.th/Content/th-TH/pdf/about-herbalife/press-room/Herbalife-Corporate-Profile-October-2009.pdf |title=Herbalife Corporate Profile |date=October 2009 |access-date=October 9, 2012 |archive-date=March 2, 2013 |archive-url=https://web.archive.org/web/20130302222002/http://company.herbalife.co.th/Content/th-TH/pdf/about-herbalife/press-room/Herbalife-Corporate-Profile-October-2009.pdf |url-status=dead }}</ref> The company's original product is the Formula 1 protein shake, a soy-based [[meal replacement|meal-replacement]] shake. The product debuted in 1980 and, as of 2015, was the company's best selling product accounting for nearly 30% of total sales.<ref name=siege/>

Herbalife's products are produced at the company's five manufacturing facilities in the U.S. and China, as well as by third-party manufacturing partners.<ref name=Goudis>{{cite web|url=https://www.bizjournals.com/losangeles/news/2017/06/01/herbalife-names-goudis-as-new-ceo.html|title=Herbalife Names Goudis as New CEO|publisher=L.A. Biz|first=I-Chun|last=Chen|date=June 1, 2017}}</ref><ref name=ar2009/>{{rp|16}} The company's production process is based on a "seed to feed" strategy, which the company initiated in the 2010s that allows it to trace where the ingredients in its nutritional products originated.<ref>{{cite web|url=http://www.journalnow.com/business/business_news/local/herbalife-bringing-life-to-massive-former-dell-plant/article_1b1db806-d62b-11e2-b585-0019bb30f31a.html|title=Herbalife Bringing Life to Massive Former Dell Plant|date=June 15, 2013 |publisher=Winston-Salem Journal|access-date=19 March 2018}}</ref> Since 2013, the company has operated a botanical extraction facility in [[Changsha]], [[Hunan|Hunan Province]], China.<ref name=FoodPro>{{cite web|url=https://www.foodprocessing-technology.com/projects/herbalifebotanicalex/|title=Herbalife Botanical Extraction Facility|publisher=Food Processing Technology|access-date=19 March 2018}}</ref><ref>{{cite web|url=http://herbridge.com/bencandy.php?fid-55-id-31215-page-1.htm/|title=Herbalife Changsha Extraction Plant Open in 2013|publisher=Herbridge|date=2012-12-14|url-status=dead|archive-url=https://archive.today/20130703200551/http://herbridge.com/bencandy.php?fid-55-id-31215-page-1.htm/|archive-date=2013-07-03}}</ref> The facility produces botanical extracts, including [[tea]]s, [[guarana]], [[chamomile]], [[broccoli]], and [[bilberry]], for use in many of the company's products.<ref>{{cite web |url=http://www.nutraingredients-usa.com/Industry/Herbalife-launches-botanical-extraction-facility-in-China |title=Herbalife launches botanical extraction facility in China |publisher=Nutra ingredients USA |date=2010-10-18 |access-date=2011-10-30}}</ref> Before extracts are processed, they undergo a botanical identification program and are tested several times throughout the production process.<ref name=wdi/> The processed raw materials from the extraction facility are used at all of the company's branded manufacturing facilities as well as by its partners. As of 2015, 58% of the company's nutrition products were manufactured at Herbalife-owned facilities.<ref name=siege>{{cite web|url=http://fortune.com/2015/09/09/the-siege-of-herbalife/ |url-access=subscription |title=The Siege of Herbalife|magazine=[[Fortune (magazine)|Fortune]] |access-date=19 March 2018}}</ref>

In China, the company's manufacturing sites are located in [[Suzhou]] and [[Nanjing]].<ref name=wdi>{{cite web|url=http://www.wdimagazine.com/sections/non-durable-goods/236-herbalife|title=Herbalife|publisher=Wholesale & Distribution International|access-date=19 March 2018|archive-date=May 30, 2019|archive-url=https://web.archive.org/web/20190530224921/http://www.wdimagazine.com/sections/non-durable-goods/236-herbalife|url-status=dead}}</ref> In the U.S., the company has manufacturing facilities in [[Lake Forest, California]]<ref>{{cite news |url= https://www.reuters.com/article/2011/03/14/idUS237697+14-Mar-2011+BW20110314 |archive-url= https://web.archive.org/web/20130117152346/http://www.reuters.com/article/2011/03/14/idUS237697+14-Mar-2011+BW20110314 |url-status= dead |archive-date= 2013-01-17 |title= Herbalife's Newly Renovated California Manufacturing Facility |publisher=Reuters |date=2011-03-14 |access-date=2012-10-09}}</ref> and [[Winston-Salem, North Carolina]].<ref>{{cite news |url=http://www.bizjournals.com/triad/blog/2013/06/inside-herbalifes-winston-salem.html|title=Comatose Sneak peek inside Herbalife's Winston-Salem plant|publisher=The Business Journal |date=2013-06-11}}</ref><ref>{{cite web|url=http://www.journalnow.com/business/the-briefcase-herbalife-sets-employee-volunteer-projects/article_02e6d595-6bcd-5bc5-9338-a53475260a86.html|title=Herbalife Sets Employee Volunteer Projects|date=February 2018 |publisher=Winston-Salem Journal|access-date=19 March 2018}}</ref>

Herbalife's claims of health benefits from its products have met scrutiny from the medical community, consumers, and government agencies.<ref>{{cite web|url=http://www.dge.de/modules.php?name=News&file=article&sid=170|title=Das Geschäft mit den überflüssigen Pfunden|publisher=Deutsche Gesellschaft für Ernährung|language=de|access-date=2011-09-29|archive-url=https://web.archive.org/web/20111121222744/http://www.dge.de/modules.php?name=News&file=article&sid=170|archive-date=2011-11-21|quote=Wie alle Formula-Diäten ist auch Herbalife nicht als alleinige Maßnahme geeignet, das Gewicht langfristig zu reduzieren, denn die Anwender lernen mit diesen Produkten keine ausgewogene, fettreduzierte und kohlenhydratreiche Ernährungsweise.|url-status=dead}}</ref>

In 2008, Herbalife was sued after laboratory tests indicated that levels of lead in several Herbalife products were in excess of California state law<ref>{{cite news |url=https://www.reuters.com/article/marketsNews/idINBNG1688320080822?rpc=44 |title=Herbalife says group retracts lead claims|website=Reuters |date= 22 August 2008|access-date=2011-10-30}}</ref> and could lead to liver problems over an extended period of time.<ref>{{cite news |url=http://www.foxnews.com/story/0,2933,356719,00.html |title=Group Says 6 Dietary Supplements Contain Dangerous Levels of Lead |publisher=FOXNews.com |access-date=2011-10-30 |date=2008-05-20}}</ref> The company commissioned its own lab testing and found that those products did not contain high enough amounts of lead to require special labeling.<ref name=labiz>{{cite news
|title=Herbalife Sued Over Product Safety |author=Deborah Crowe|url=http://www.labusinessjournal.com/article.asp?aID=127131202.2953281.1639781.0861038.7054148.310&aID2=126128|magazine=[[Los Angeles Business Journal]]|date=June 10, 2008 |archive-url=https://web.archive.org/web/20080617232451/http://www.labusinessjournal.com/article.asp?aID=127131202.2953281.1639781.0861038.7054148.310&aID2=126128 |archive-date=June 17, 2008}}</ref>

==Business model==
Herbalife Nutrition is a [[multi-level marketing]] company. A 2010 article in the ''[[Los Angeles Business Journal]]'' claimed that Herbalife Nutrition was one of the most profitable companies in Los Angeles County and directly benefited from its business model.<ref>{{cite news |url=http://labusinessjournal.com/news/2010/jul/19/herbalife-leads-lean-mean-pack-profitability/ |title=Herbalife Leads Lean, Mean Pack of Profitability |work=Los Angeles Business Journal |date=19 July 2010 |access-date=2 February 2011}}</ref>

As a result of the 2016 FTC settlement, the company is required to prove that at least 80 percent of its sales are made to individuals outside of its distributor network. Distributors are responsible for providing receipts for sales and proving they have legitimate customers.<ref name=FTCman>{{cite web|url=https://www.cnbc.com/2017/06/04/herbalife-to-cut-sales-guidance-exceeds-key-ftc-mandate.html|title=Herbalife Cuts Sales Guidance; Exceeds Key FTC Mandate|publisher=CNBC|first=Scott|last=Wapner|date=4 June 2017|access-date=2 May 2018}}</ref> The settlement also required that distributors are only able to earn one-third of their rewards based on recruitment.<ref name=ftcsettle>{{cite web|url=https://www.ftc.gov/news-events/press-releases/2016/07/herbalife-will-restructure-its-multi-level-marketing-operations|title=Herbalife Will Restructure Its Multi-Level Marketing Operations and Pay $200 Million For Consumer Redress to Settle FTC Charges|publisher=Federal Trade Commission|date=15 July 2016|access-date=2 May 2018}}</ref> In the U.S., the company now differentiates between individuals who join as a member to buy discounted products and those who join as a distributor seeking a business opportunity.<ref name=inside>{{cite web|url=https://www.ftc.gov/news-events/blogs/business-blog/2016/07/its-no-longer-business-usual-herbalife-inside-look-200|title=It's No Longer Business as Usual at Herbalife: An Inside Look at the $200 Million FTC Settlement|publisher=FTC|first=Leseley|last=Fair|date=15 July 2016|access-date=2 May 2018}}</ref> Discount buyers are unable to earn rewards or sell products.<ref name=ftcsettle/> Herbalife Nutrition is also required to have its practices monitored by an outside party for seven years to ensure compliance.<ref name=FTCman/>

In the past, company management considered the number and retention of distributors a key parameter and tracked it closely in financial reports. By January of each year, sales leaders are required to requalify. In February of each year, individuals who did not satisfy the sales leader qualification requirements during the preceding 12 months are removed from that rank. For the latest 12-month requalification period ending January 2019, approximately 67.9 percent of the eligible sales leaders requalified.<ref name=ir>{{cite web |url=https://ir.herbalife.com/static-files/8155864d-86df-4365-82c7-959a32fac511 |archive-url=https://web.archive.org/web/20200101075116/https://ir.herbalife.com/static-files/8155864d-86df-4365-82c7-959a32fac511 |url-status=dead |archive-date=1 January 2020 |title=Herbalife Investor Relations |publisher=Ir.herbalife.com |access-date=2 February 2011 }}</ref>

In a California class action suit (''Minton v. Herbalife International, et al.'') filed on February 17, 2005, the plaintiff challenged "the marketing practices of certain Herbalife International independent distributors under various state laws".<ref name="quarterly2006">{{cite web |url=https://www.sec.gov/Archives/edgar/data/1180262/000095013406014621/v22412e10vq.htm#112|title=Herbalife Quarterly Report to SEC, June 2006 |publisher=Sec.gov |date=28 January 2008|access-date=2 February 2011}}</ref> In a West Virginia class action suit (''Mey v. Herbalife International, Inc., et al.'') filed on July 16, 2003, the plaintiffs alleged that some of Herbalife International's distributors used pre-recorded telephone messages and autodialers to contact prospective customers in violation of the Telephone Consumer Protection Act. The case was resolved with Herbalife and its distributors paying $7 million into a fund for class members part of the suit.<ref name=ar2007/>{{rp|42}}

==Liver disease inquiries==
Hospitals in Israel, Spain, Switzerland, Iceland, Argentina, and the United States have reported liver damage in a number of patients who used Herbalife products.<ref name="Elinav Pinsker Safadi et al 2007"/><ref name="Schoepfer Engel Fattinger et al 2007"/><ref name="Manso López-Rivas Salgueiro et al 2011">{{cite journal |last1=Manso |first1=Gloria |last2=López-Rivas |first2=Laureano |last3=Salgueiro |first3=M. Esther |last4=Duque |first4=Jose M. |last5=Jimeno |first5=Francisco J. |last6=Andrade |first6=Raúl J. |last7=Lucena |first7=M. Isabel |title=Continuous reporting of new cases in Spain supports the relationship between Herbalife® products and liver injury |journal=Pharmacoepidemiology and Drug Safety |date=October 2011 |volume=20 |issue=10 |pages=1080–1087 |doi=10.1002/pds.2180 |pmid=21751292 |s2cid=25458212 }}</ref><ref name=":1">{{cite journal |pages=410–5 |doi=10.4254/wjh.v2.i11.410 |title=Acute liver injury induced by weight-loss herbal supplements |year=2010 |last1=Chen |first1=Gary C |journal=World Journal of Hepatology |volume=2 |issue=11 |pmid=21173910 |last2=Ramanathan |first2=VS |last3=Law |first3=D |last4=Funchain |first4=P |last5=Chen |first5=GC |last6=French |first6=S |last7=Shlopov |first7=B |last8=Eysselein |first8=V |last9=Chung |first9=D |last10=Reicher |first10=S |last11=Pham |first11=B. V. |pmc=3004035|display-authors=8 |doi-access=free }}</ref><ref name=":2">{{cite journal |pmid=20197595 |year=2010 |last1=Jóhannsson |first1=M |last2=Ormarsdóttir |first2=S |last3=Olafsson |first3=S |title=Hepatotoxicity associated with the use of Herbalife |volume=96 |issue=3 |pages=167–72 |journal=Laeknabladid}}</ref><ref name=":3">{{cite journal |pmid=19010564 |year=2009 |last1=Stickel |first1=F |last2=Droz |first2=S |last3=Patsenker |first3=E |last4=Bögli-Stuber |first4=K |last5=Aebi |first5=B |last6=Leib |first6=SL |title=Severe hepatotoxicity following ingestion of Herbalife nutritional supplements contaminated with Bacillus subtilis |volume=50 |issue=1 |pages=111–17 |doi=10.1016/j.jhep.2008.08.017 |journal=Journal of Hepatology}}</ref><ref name=":4">{{cite journal |pmid=19157382 |volume=38 |issue=4 |title=[Toxic hepatitis by consumption Herbalife products a case report] |date=December 2008 |journal=Acta Gastroenterol. Latinoam. |pages=274–77|last1=Chao |first1=S. |last2=Anders |first2=M. |last3=Turbay |first3=M. |last4=Olaiz |first4=E. |last5=Mc Cormack |first5=L. |last6=Mastai |first6=R. }}</ref><ref name=":5">{{cite journal |pages=289–90 |doi=10.1016/j.jhep.2008.05.007 |pmid=18571274 |title=Spanish reports of hepatotoxicity associated with Herbalife® products |year=2008 |last1=Manso |first1=Gloria |last2=López-Rivas |first2=Laureano |last3=Duque |first3=José María |last4=Salgueiro |first4=Esther |journal=Journal of Hepatology |volume=49 |issue=2 |hdl=10651/6682 |hdl-access=free |doi-access=free }}</ref><ref name=":6">{{cite journal |pmid=17335732 |year=2007 |last1=Duque |first1=JM |last2=Ferreiro |first2=J |last3=Salgueiro |first3=E |last4=Manso |first4=G |title=Hepatotoxicity associated with the consumption of herbal slimming products |volume=128 |issue=6 |pages=238–39 |journal=Medicina Clinica|doi=10.1016/s0025-7753(07)72547-2 }}</ref><ref name=":7">{{cite journal |last1=Stickel|first1=Felix|last2=Shouval|first2=Daniel|title=Hepatotoxicity of herbal and dietary supplements: an update|journal=Archives of Toxicology|date=June 2015|volume=89|issue=6|pages=851–65|doi=10.1007/s00204-015-1471-3|pmid=25680499|s2cid=18064225|url=http://doc.rero.ch/record/332910/files/204_2015_Article_1471.pdf}}</ref><ref name=":8">{{cite journal |pages=275–77 |doi=10.4254/wjh.v3.i10.275 |title=Revisiting acute liver injury associated with herbalife products |year=2011 |last1=Appelhans |first1=Kristy |journal=World Journal of Hepatology |volume=3 |issue=10 |pmid=22059112 |last2=Smith |first2=C |last3=Bejar |first3=E |last4=Henig |first4=YS |pmc=3208182 |doi-access=free }}</ref>{{overcite|date=March 2022}}

In 2004, Israel's Health Minister began an investigation into Herbalife's products after four persons using Herbalife's products were found to have liver problems.<ref name="Elinav Pinsker Safadi et al 2007">{{cite journal |last1=Elinav |first1=Eran |last2=Pinsker |first2=Galia |last3=Safadi |first3=Rifaat |last4=Pappo |first4=Orit |last5=Bromberg |first5=Michal |last6=Anis |first6=Emilia |last7=Keinan-Boker |first7=Lital |last8=Broide |first8=Efrat |last9=Ackerman |first9=Zvi |last10=Kaluski |first10=Dorit Nitzan |last11=Lev |first11=Boaz |last12=Shouval |first12=Daniel |title=Association between consumption of Herbalife® nutritional supplements and acute hepatotoxicity |journal=Journal of Hepatology |date=October 2007 |volume=47 |issue=4 |pages=514–520 |doi=10.1016/j.jhep.2007.06.016 |pmid=17692424 }}</ref> The company was accused of selling products containing toxic ingredients such as [[quaqua]], [[comfrey]], and kraska.{{clarify |reason=What is kraska? There doesn't seem to be a Wikipedia article that explains what that term means. |date=September 2022}} The products were sent to Bio-Medical Research Design LTD (B.R.D), to a private U.S. laboratory, and to Israel's Forensic research laboratory. A study of the cases funded by the Israeli Ministry of Health concluded that there was a causative relationship.<ref name="Elinav Pinsker Safadi et al 2007"/> Herbalife's SEC [[Form 10-Q|10-Q]] filings stated that the Israeli Ministry of Health did not establish a causal relationship between the product and liver ailments.<ref>{{cite web |url=http://www.getfilings.com/o0001104659-05-021629.html |title=HERBALIFE LTD. 10-Q Quarterly Report |date= March 31, 2005|publisher=Getfilings.com |access-date=2011-10-30}}</ref> In 2009, an Israeli woman sued Herbalife International and Herbalife Israel, claiming that her liver damage resulted from the use of Herbalife products.<ref>{{cite web |last=Linder |first=Ronny |url=http://www.haaretz.com/print-edition/business/israeli-woman-sues-herbalife-claims-products-caused-liver-disease-1.271952 |title=Israeli woman sues Herbalife, claims products caused liver disease |publisher=Haaretz.com |date=2011-06-24 |access-date=2011-10-30}}</ref>

Scientific studies in 2007 by doctors at the University Hospital of Bern in Switzerland and the Liver Unit of the Hadassah-Hebrew University Medical Center in Israel found an association between consumption of Herbalife products and [[hepatitis]].<ref name="Elinav Pinsker Safadi et al 2007"/><ref name="Schoepfer Engel Fattinger et al 2007">{{cite journal |last1=Schoepfer |first1=Alain M. |last2=Engel |first2=Antoinette |last3=Fattinger |first3=Karin |last4=Marbet |first4=Urs A. |last5=Criblez |first5=Dominique |last6=Reichen |first6=Juerg |last7=Zimmermann |first7=Arthur |last8=Oneta |first8=Carl M. |title=Herbal does not mean innocuous: Ten cases of severe hepatotoxicity associated with dietary supplements from Herbalife® products |journal=Journal of Hepatology |date=October 2007 |volume=47 |issue=4 |pages=521–526 |doi=10.1016/j.jhep.2007.06.014 |pmid=17692989 }}</ref> In response, the Spanish Ministry of Health issued an alert asking for caution in consuming Herbalife products.<ref>{{cite news|last=|first=|date=23 April 2008|title=Spanish Ministry of Health issues precaution on Herbalife brand|work=|publisher=reuters.com|url=https://www.reuters.com/article/herbalife/spanish-ministry-of-health-issues-precaution-on-herbalife-brand-idUSWNAS910220080423|archive-url=https://web.archive.org/web/20210419131340/https://www.reuters.com/article/herbalife/spanish-ministry-of-health-issues-precaution-on-herbalife-brand-idUSWNAS910220080423|url-status=dead|archive-date=April 19, 2021|access-date=}}</ref> Herbalife stated they were cooperating fully with Spanish authorities,<ref>There's been no proven link to liver problems.[http://blog.hb4u.com/2008/04/23/herbalife-responds-to-spains-ministry-of-health-alert/ Herbalife Responds to Spain's Ministry of Health Alert] {{Webarchive|url=https://web.archive.org/web/20080529041125/http://blog.hb4u.com/2008/04/23/herbalife-responds-to-spains-ministry-of-health-alert/ |date=May 29, 2008 }}</ref> and after investigation, the agency determined no action was required and removed the alert.

In January 2009, the Scientific Committee of the Spanish Agency for Food Safety and Nutrition (AESAN) reached the same conclusion. After reviewing cases implicating Herbalife products in Spain, Switzerland, Israel, Finland, France, Italy, Iceland and Portugal, the 12-member scientific panel issued a report concluding: "The analyses of these cases and information regarding their circumstances have not allowed us to establish a causal relationship" between liver anomalies and Herbalife's dietary supplements. The panel attributed the cases to metabolic changes from overzealous and unsupervised dieting.<ref>{{cite web |url=http://www.aesan.msc.es/AESAN/docs/docs/evaluacion_riesgos/comite_cientifico/HEPATOTOXICIDAD_DIETAS_CONTROL_PESO.pdf |archive-url=https://web.archive.org/web/20090407075419/http://www.aesan.msc.es/AESAN/docs/docs/evaluacion_riesgos/comite_cientifico/Hepatotoxicidad_dietas_control_peso.pdf |url-status=dead |archive-date=2009-04-07 |title=AESAN Evaluation |publisher=Aesan.msc.es |language=es |access-date=2013-12-01 }}</ref>

A July 2013 peer-reviewed study published in the ''World Journal of Hepatology'' reexamined known cases of [[hepatotoxicity]] that had previously been linked to consumption of Herbalife products and concluded that using "the liver specific Council for International Organizations of Medical Sciences scale, causality was probable in 1 case, unlikely and excluded in the other cases. Thus, causality levels were much lower than hitherto proposed".<ref>{{cite journal |year=2013 |last1=Teschke |first1=R |last2=Frenzel |first2=C |last3=Schwarzenboeck |first3=a |last4=Eickhoff |first4=A |title=Herbalife hepatotoxicity: Evaluation of cases with positive reexposure tests |volume=5 |issue=7 |pages=353–63 |journal=World Journal of Hepatology |doi=10.4254/wjh.v5.i7.353 |pmid=23898368 |pmc=3724963 |doi-access=free }}</ref> In a separate review published less than a year earlier, the same author described the relationship between Herbalife products and reported hepatotoxicity cases as "highly probable".<ref>{{cite journal |vauthors=Teschke R, Wolff A, Frenzel C, Schulze J, Eickhoff A |title=Herbal hepatotoxicity: a tabular compilation of reported cases |journal=Liver Int. |volume=32 |issue=10 |pages=1543–56 |date=November 2012 |pmid=22928722 |doi=10.1111/j.1478-3231.2012.02864.x |s2cid=31536128 |doi-access=free }}</ref>

In 2019, the ''Journal of Clinical and Experimental Hepatology'' published a paper titled ''Slimming to the Death: Herbalife®-Associated Fatal Acute Liver Failure-Heavy Metals, Toxic Compounds, Bacterial Contaminants and Psychotropic Agents in Products Sold in India.'' This paper examined the connection between Herbalife slimming products and a case of fatal acute liver failure in one patient in India. In December 2020, the journal retracted the aforementioned article, contrary to the [[Committee on Publication Ethics |COPE]] guidelines, which advise that the original paper should remain available but prominently marked as retracted.<ref>{{Cite web|last=Bik|first=Elisabeth |author-link=Elisabeth Bik |date=2020-12-20|title=Paper about Herbalife®-related patient death removed after company threatens to sue the journal|url=https://scienceintegritydigest.com/2020/12/20/paper-about-herbalife-related-patient-death-removed-after-company-threatens-to-sue-the-journal/|access-date=2020-12-21|website=Science Integrity Digest|language=en}}</ref><ref>{{Cite journal|date=2019-03-01|title=REMOVED: Slimming to the Death: Herbalife®-Associated Fatal Acute Liver Failure—Heavy Metals, Toxic Compounds, Bacterial Contaminants and Psychotropic Agents in Products Sold in India|journal=Journal of Clinical and Experimental Hepatology|language=en|volume=9|issue=2|pages=268–272|doi=10.1016/j.jceh.2018.08.002|issn=0973-6883|doi-access=free|last1=Philips|first1=Cyriac A.|last2=Augustine|first2=Philip|last3=Rajesh|first3=Sasidharan|last4=John|first4=Solomon K.|last5=Valiathan|first5=Gopakumar C.|last6=Mathew|first6=Jos|last7=Phalke|first7=Sameer|last8=Antony|first8=Kuruveetil L.|pmid=31024209}}</ref> According to one of the co-authors of the paper, this retraction happened because Herbalife engaged DSK Legal,<ref>{{Cite web|last=Anand|first=Rishi|date=2019-10-17|title=Legal demand from DSK Legal based in New Delhi|url=https://retractionwatch.com/wp-content/uploads/2020/12/Legal-notice-from-DSK-Legal-India.pdf|access-date=2023-10-02|website=[[Retraction Watch]]}}</ref> a [[New Delhi]]-based law firm, to consistently issue legal threats to the journal's editor-in-chief.<ref>{{Cite web|last=Philips|first=Abby|date=2020-12-20|title="Last year March, I published this article based on my experience with a patient who died after consuming herbalife products..."|url=https://twitter.com/drabbyphilips/status/1340642256395489282|url-status=live|archive-url=https://web.archive.org/web/20201220125728/https://twitter.com/drabbyphilips/status/1340642256395489282|archive-date=2020-12-20|access-date=2020-12-20|website=[[Twitter]]}}</ref><ref>{{Cite web|date=2020-12-22|title=After legal threats from Herbalife, Elsevier journal retracts — and then removes — a paper|url=https://retractionwatch.com/2020/12/22/after-legal-threats-from-herbalife-elsevier-journal-retracts-and-then-removes-a-paper/|access-date=2020-12-22|website=[[Retraction Watch]]}}</ref>

==Pyramid scheme allegations==
Critics of the company's structure have contended that it has operated as a pyramid scheme.<ref>{{cite news
|url= https://query.nytimes.com/gst/fullpage.html?res=9405E2D91739F933A05756C0A963948260
|title= Herbalife Sets More Layoffs
|date= 30 May 1985
|work=The New York Times
}}</ref><ref>
{{cite news
|url= http://www.latimes.com/business/la-fi-herbalife-ackman-20121221,0,3042263.story
|title= Hedge fund manager alleges Herbalife is 'pyramid scheme'
|date= December 20, 2012
|work= Stuart Pfeifer and Walter Hamilton, Los Angeles Times
}}</ref> They have also argued that the company does not sufficiently work to curb abuses by individual distributors, though Herbalife Nutrition has consistently denied the allegations.<ref>{{cite web |url=http://www.icelandreview.com/icelandreview/daily_news/?cat_id=16567&ew_0_a_id=262714 |title=Statement from Nordic Herbalife Director denying toxicity of Herbalife products, pyramid marketing scheme |publisher=Icelandreview.com |date=6 December 2005 |access-date=2 February 2011 |archive-url=https://web.archive.org/web/20130115125951/http://www.icelandreview.com/icelandreview/daily_news/?cat_id=16567&ew_0_a_id=262714 |archive-date=15 January 2013 |url-status=dead }}</ref>

A 2004 settlement resolved a class-action suit on behalf of 8,700 former and current distributors who accused the company and distributors of "essentially running a pyramid scheme". A total of $6 million was to be paid out, with defendants not admitting guilt.

In November 2011, the [[Commercial Court (Belgium)|Commercial Court]] in [[Brussels]], [[Belgium]], ruled that Herbalife was an illegal pyramid scheme.<ref name="bryssel-court">{{cite web |url=https://www.scribd.com/doc/76678476/Herbalife-Belgian-Court-Decision |title=Herbalife - Belgian Court Decision |publisher=Scribd.com |access-date=2013-12-01}}</ref> The company filed an appeal on March 8, 2012.<ref>{{cite web|url=http://files.shareholder.com/downloads/ABEA-48ZAJ9/2258490035x0x650667/9A2839DD-6DFC-404E-A48D-AD15F542AA95/2012_Annual_Report.pdf/|title=Herbalife 2012 Annual Report|publisher=Herbalife|date=2013-02-19|access-date=2013-07-03|archive-url=https://web.archive.org/web/20131203005505/http://files.shareholder.com/downloads/ABEA-48ZAJ9/2258490035x0x650667/9A2839DD-6DFC-404E-A48D-AD15F542AA95/2012_Annual_Report.pdf/|archive-date=2013-12-03|url-status=dead}}</ref> On December 3, 2013, a Belgian appeals court found for Herbalife, reversing the lower court's finding.<ref>{{cite news |url=http://www.latimes.com/business/money/la-fi-mo-herbalife-pyramid-scheme-20131203,0,3412473.story#axzz2mRoscRbq|title=Herbalife says Belgian appeals court reversed pyramid scheme finding|work=Los Angeles Times|date=2013-12-03|first=Stuart|last=Pfeifer}}</ref>

On May 1, 2012, a [[short (finance)|short]] seller, [[David Einhorn (hedge fund manager) |David Einhorn]], asked questions about the company's business and sales models during the Q1 earnings call, setting off suspicions that Einhorn had a short position.<ref>{{cite web |url=http://files.shareholder.com/downloads/ABEA-48ZAJ9/2537686997x0x566914/aab99820-b1f1-408c-8194-9f40fd367abb/1Q2012_Earnings_Call_Transcript.pdf |title=Herbalife International of America, Inc: Moderator: Brett Chapman |publisher=Files.shareholder.com |access-date=2013-12-01 |archive-url=https://web.archive.org/web/20160304054704/http://files.shareholder.com/downloads/ABEA-48ZAJ9/2537686997x0x566914/aab99820-b1f1-408c-8194-9f40fd367abb/1Q2012_Earnings_Call_Transcript.pdf |archive-date=2016-03-04 |url-status=dead }}</ref><ref>{{cite news |title=Herbalife faces rising Einhorn pressure|url=http://www.ft.com/intl/cms/s/0/2a103826-9bc0-11e1-b03e-00144feabdc0.html#axzz2Wh0TOVU5|newspaper=Financial Times|date=May 14, 2012}}</ref> These suspicions were proved correct in January 2013 when at an investor meeting Einhorn revealed that he had profited through a short position against the company. Einhorn said the short had been closed before the end of 2012.<ref>{{cite news |title=Einhorn Profited on Bet Against Herbalife|url=http://www.ft.com/intl/cms/s/0/2a103826-9bc0-11e1-b03e-00144feabdc0.html#axzz2Wh0TOVU5|newspaper=The Wall Street Journal|date=January 23, 2013}}</ref>

===Bill Ackman===
On December 20, 2012, [[Bill Ackman]] (of [[Pershing Square Capital]]) presented a series of arguments outlining why his firm believed that Herbalife operated a "sophisticated pyramid scheme" and contended that its stock would hit zero.<ref name="The Wall Street Journal">{{Cite news|url=https://www.wsj.com/articles/bill-ackman-surrenders-his-in-five-year-war-against-herbalife-1519854456|title=Bill Ackman Surrenders in His Five-Year War Against Herbalife|last=Benoit|first=David|date=March 1, 2018|work=The Wall Street Journal|access-date=January 14, 2019}}</ref><ref name="Guardian221212">{{Cite news|url=https://www.theguardian.com/world/2012/dec/21/herbalife-ceo-ponzi-scheme|title=Herbalife CEO accused of running 'Ponzi scheme'|last=Neate|first=Rupert|date=December 21, 2012|work=The Guardian|access-date=December 22, 2012}}</ref> Ackman alleged after a year-long investigation that the majority of distributors lose money, that the chance of making the testimonial-implied headline income is approximately one in five thousand, and that the company materially overstates its distributors' retail sales and understates their recruiting rewards.<ref>{{cite web |url=http://www.businessinsider.com/bill-ackmans-herbalife-presentation-2012-12 |title=Bill Ackman's Herbalife Presentation |publisher=Business Insider |date=2012-12-20 |access-date=2013-12-01}}</ref><ref name=cnbc.com>{{cite news |last1=David|first1=Javier E.|title=Ackman Defends Calling Herbalife a 'Pyramid Scheme'|url=https://www.cnbc.com/id/100331139|access-date=6 December 2014|work=CNBC|date=20 December 2012}}</ref>

According to a number of financial commentators, Ackman bet roughly $1 billion against the company;<ref>John Hempton, [http://brontecapital.blogspot.com/2012/12/bill-ackman-enters-city-of-stalingrad.html "Bill Ackman enters the city of Stalingrad,"], Bronte Capital, December 28, 2012</ref> soon after remarks to the press, the price of the stock decreased such that Ackman would have made $300 million if he had closed his short position then.<ref name=salmon>Felix Salmon, [https://web.archive.org/web/20130104185448/http://blogs.reuters.com/felix-salmon/2012/12/31/whats-ackmans-herbalife-game "What's Ackman's Herbalife game?"] Reuters Blogs, December 31, 2012</ref><ref name="cnbc.com"/><ref>{{cite web|author=John Carney |url= https://www.cnbc.com/id/100332723/There039s_No_Law_Against_Bill_Ackman_Talking_His_Book |title= There's No Law Against Bill Ackman Talking His Book |publisher=Cnbc.com |date=2012-12-20 |access-date=2013-12-01 |url-status=dead |archive-url= https://web.archive.org/web/20131203070836/http://www.cnbc.com/id/100332723/There039s_No_Law_Against_Bill_Ackman_Talking_His_Book |archive-date=2013-12-03 }}</ref> In March 2015, federal prosecutors and the FBI revealed that they were investigating whether or not individuals paid by Ackman and otherwise had made false statements about Herbalife's business model to regulators and others in order to lower the company's stock price and influence authorities to conduct an investigation.<ref>{{Cite news|url=https://www.wsj.com/articles/prosecutors-interview-people-tied-to-ackman-in-probe-of-potential-herbalife-manipulation-1426196822|title=Prosecutors Interview People Tied to Ackman in Probe of Potential Herbalife Manipulation|newspaper=Wall Street Journal|date=March 12, 2015|last1=Matthews|first1=Christopher M.}}</ref><ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2015-03-12/ackman-fund-said-to-be-probed-by-fbi-for-herbalife-manipulation|title=FBI Probes Ackman Fund for Herbalife Manipulation| newspaper=Bloomberg.com |date=March 12, 2015}}</ref>

In November 2017, Ackman closed out his short position after Herbalife shares increased by 51 percent over the year, and replaced it with a less aggressive [[put option]].<ref name="CNBC">{{Cite news|url=https://www.cnbc.com/2018/02/28/ackman-exits-bet-against-herbalife.html|title=Five years after brawl with Icahn, Ackman exits losing bet against Herbalife|last=Moyer|first=Liz|date=February 28, 2018|work=CNBC|access-date=January 14, 2019}}</ref><ref name=fortune2017>{{cite web|url=http://fortune.com/2017/11/01/bill-ackman-pershing-square-herbalife-short/|title=Bill Ackman is Capping His Losses on Herbalife|agency=Reuters|date=November 1, 2017|website=Fortune|access-date=March 19, 2018}}</ref> In March 2018, ''[[The Wall Street Journal]]'' reported that Ackman had "largely exited" his bet against the company,<ref>{{Cite news|url=https://www.wsj.com/articles/bill-ackman-surrenders-his-in-five-year-war-against-herbalife-1519854456|title=Bill Ackman Surrenders in His Five-Year War Against Herbalife|newspaper=Wall Street Journal|date=March 1, 2018|last1=Benoit|first1=David}}</ref> while others reported that the bet against Herbalife had cost his company hundreds of millions of dollars and damaged the confidence of investors in his hedge fund.<ref>{{Cite web|url=http://observer.com/2018/04/bill-ackmans-private-hedge-fund-career/|title=Is Bill Ackman's Private Hedge Fund Career Over?| website=[[The New York Observer]] |date=April 5, 2018}}</ref><ref>{{Cite web|url=http://www.businessinsider.com/bill-ackman-pershing-square-investors-pull-out-2018-4|title=Investors are reportedly pulling out of Bill Ackman's hedge fund at a 'rapid pace'| website=[[Business Insider]] |date=April 5, 2018}}</ref>

===FTC investigation===

Based on information from a [[Freedom of Information Act (United States)|Freedom of Information Act]] (FOIA) request, the ''[[New York Post]]'' reported on February 4, 2013, that Herbalife was subject to a pending probe from the [[Federal Trade Commission]] (FTC). The FTC released 729 pages containing 192 complaints received over a 7-year period in regards to the ''New York Post'''s FOIA request.<ref>{{cite news |last=Celarier |first=Michelle |url=http://www.nypost.com/p/news/business/salve_for_shorts_zBEIXePUI1oSoeMkv4WFQK |title=Salve for shorts | New York Post |publisher=Nypost.com |date=2013-02-04 |access-date=2013-12-01}}</ref> The FTC stated that the wording it used in its response to the FOIA request was incorrect; the FTC could not confirm or deny an investigation into Herbalife.<ref>{{cite news |last=Celarier |first=Michelle |url=http://www.nypost.com/p/news/business/ftc_corrects_language_on_herbalife_sBOnruipral0YyKCA0lsbO |title=FTC corrects language on Herbalife |publisher=Nypost.com |date=2013-02-05 |access-date=2013-12-01}}</ref>

In March 2014, the FTC opened an investigation into Herbalife in response to calls from consumer groups and members in both houses of the [[United States Congress]]. Herbalife responded to the probe by saying it "welcomes the inquiry given the tremendous amount of misinformation in the marketplace, and will cooperate fully with the FTC. We are confident that Herbalife is in compliance with all applicable laws and regulations". However, in the press conference, Herbalife was declared not necessarily not a pyramid scheme.{{what?|date=August 2023}}<ref>{{cite web |last1=Ramirez |first1=Edith |title=FTC Press Conference: Herbalife |date=July 15, 2016 |url=https://www.ftc.gov/news-events/events-calendar/2016/07/ftc-press-conference-herbalife |publisher=Federal Trade Commission |access-date=7 April 2021 |ref=147}}</ref><ref name="La Roche-FTC">{{cite news|last=La Roche|first=Julia|date=March 12, 2014|title=FTC Opens Investigation into Herbalife{{snd}}Shares Plunge|work=Business Insider|url=http://www.businessinsider.com/herbalife-halted-2014-3|access-date=March 13, 2014}}</ref><ref name=McCrum-FTC>{{cite news |last=McCrum|first=Dan|title=Herbalife hit by US 'pyramid scheme'|url=http://www.ft.com/intl/cms/s/0/cdde3864-aa0e-11e3-8bd6-00144feab7de.html#axzz2vrB0QVOZ|access-date=13 March 2014|newspaper=Financial Times|date=12 March 2014}}</ref><ref name=Vardi-FTC>{{cite news |last=Vardi|first=Nathan|title=FTC Launches Herbalife Inquiry, Shares Fall|url=https://www.forbes.com/sites/nathanvardi/2014/03/12/ftc-launches-herbalife-inquiry-shares-plunge/|access-date=13 March 2014|newspaper=Forbes|date=12 March 2014}}</ref><ref>{{cite news |url=https://www.bloomberg.com/news/articles/2016-05-05/herbalife-expects-to-pay-about-200-million-to-resolve-ftc-probe|title=Herbalife Soars After Saying It's Close to FTC Resolution|last= Townsend|first=Matthew|website=Bloomberg.com| date=May 5, 2016 |access-date=2016-06-03}}</ref>

In July 2016, Herbalife agreed to change its business model and pay $200 million in a settlement with the FTC.<ref name="reuters.com"/><ref>{{cite web |url=https://www.nytimes.com/2016/07/16/business/dealbook/herbalife-ftc-inquiry-settlement-william-ackman.html|title=Herbalife Settlement With F.T.C. Will Force Major Changes|date=16 July 2016|work=The New York Times|access-date=15 July 2016}}</ref><ref>{{cite news |url=https://www.bloomberg.com/news/articles/2016-07-15/herbalife-rises-after-report-of-200-million-settlement-with-ftc|title=Herbalife Settles Pyramid Probe as FTC Seeks Major Changes|author1=David McLaughlin|author2=Matthew Townsend|newspaper=[[bloomberg.com]]| date=July 15, 2016 |access-date=15 July 2016}}</ref><ref>{{cite web |url=http://fortune.com/2016/07/15/herbalife-ftc-settlement/|title=Herbalife Is Paying a $200 Million Fine and Having a Great Day|date=15 July 2016|website=fortune.com|access-date=15 July 2016}}</ref> Partial refund checks were mailed to roughly 350,000 Herbalife distributors in January 2017. The FTC said in a press release about the settlement "it's virtually impossible to make money selling Herbalife products."<ref>{{cite web|last1=Fair|first1=Lesley|title=Redress checks and compliance checks: Lessons from the FTC's Herbalife and Vemma cases|url=https://www.ftc.gov/news-events/blogs/business-blog/2017/01/redress-checks-compliance-checks-lessons-ftcs-herbalife|website=FTC.gov|date=January 10, 2017|access-date=17 January 2017}}</ref><ref>{{cite web|last1=Craver|first1=Richard|title=FTC says Herbalife refund checks are in the mail|url=http://www.journalnow.com/business/business_news/local/ftc-says-herbalife-refund-checks-are-in-the-mail/article_c455cae8-38fb-5034-b155-688ef7d65ca9.html|website=JournalNow.com|date=January 11, 2017 |publisher=Winston-Salem Journal|access-date=17 January 2017}}</ref>

The lawsuit alleged that Herbalife deceived consumers into believing they could earn substantial income from the business opportunity or big money from the retail sale of the company's products. In addition, the complaint charged that one of the fundamental principles of Herbalife's business model—incentivizing distributors to buy products and to recruit others to join and buy products so they could advance in the company's marketing program, rather than in response to actual consumer demand—is an unfair practice in violation of the FTC Act.<ref>{{Cite web|url=https://www.ftc.gov/news-events/blogs/business-blog/2016/07/its-no-longer-business-usual-herbalife-inside-look-200|title=It's no longer business as usual at Herbalife: An inside look at the $200 million FTC settlement|date=July 15, 2016|publisher=Federal Trade Commission}}</ref>

The company remains under investigation as of early 2019 both by the [[United States Department of Justice]] (DOJ) and the [[U.S. Securities and Exchange Commission]] (SEC) for corruption in China.<ref>{{Cite web|url=https://www.latimes.com/business/la-fi-herbalife-goudis-resigns-20190109-story.html|title=Herbalife chief Richard Goudis resigns over comments he made before taking the job|date=2019-01-09|website=Los Angeles Times|language=en-US|access-date=2019-09-26}}</ref>

On September 27, 2019, the SEC announced that Herbalife has agreed to pay $20 million to settle charges of making false and misleading statements about its business model and operations in China between 2012 and 2018. The company did not admit or deny the charges but agreed to the settlement terms.<ref>{{cite web|url=https://www.sec.gov/news/press-release/2019-195|title=Herbalife to Pay $20 Million for Misleading Investors|date=September 27, 2019|website=SEC|access-date=2019-10-02}}</ref><ref>{{cite web|url=https://www.reuters.com/article/us-usa-sec-herbalife/herbalife-nutrition-to-pay-20-million-to-settle-false-disclosure-charges-u-s-sec-idUSKBN1WC1YS|title=Herbalife Nutrition to pay $20 million to settle false disclosure charges: U.S. SEC|website=Reuters.com|date=September 27, 2019|access-date=2019-10-02}}</ref><ref>{{cite web|url=https://www.wsj.com/articles/herbalife-to-pay-20-million-to-settle-sec-fraud-claims-11569602340|title=Herbalife to Pay $20 Million to Settle SEC Fraud Claims|website=wsj.com|date=September 27, 2019|access-date=2020-03-24}}</ref>

===U.S. Department of Justice investigation of bribery in China===
In 2019, the DOJ charged two of Herbalife's employees with conspiracy in violation of the [[Foreign Corrupt Practices Act]] (FCPA). They were accused of bribing Chinese officials in order to procure sales permits and to influence an investigation into Herbalife. They were also accused of offering bribes to [[China Economic Net]] in order to influence their media coverage.<ref name="WSJ111519">{{cite news |last1=Tokar |first1=Dylan |title=Former Herbalife Executives Charged With Conspiracy to Bribe Chinese Officials |url=https://www.wsj.com/articles/former-herbalife-executives-charged-with-conspiracy-to-bribe-chinese-officials-11573848075 |access-date=November 22, 2019 |publisher=[[Wall Street Journal]] |date=November 15, 2019}}</ref> In response, Herbalife committed $40 million to resolve the issues, and began negotiations with both the DOJ and SEC.<ref>{{Cite news|last=Tokar|first=Dylan|url=https://www.wsj.com/articles/herbalife-sets-aside-40-million-for-bribery-settlement-11583171523|title=Herbalife Sets Aside $40 Million for Bribery Settlement|date=2020-03-02|work=Wall Street Journal|access-date=2020-03-04|language=en-US|issn=0099-9660}}</ref> In August 2020, Herbalife agreed to pay $123 million to the DOJ and the U.S. Securities and Exchange Commission.<ref>{{Cite news|last=Rocco|first=Matthew|date=August 28, 2020|title=Herbalife pays $123m to resolve Chinese bribery claims|work=[[Financial Times]]|url=https://www.ft.com/content/81b0142d-cf81-4380-a8e3-e7aab10a2380|access-date=August 29, 2020}}</ref>

==Sports sponsorships==
Herbalife has sponsored [[France men's national volleyball team|France's national volleyball team]] and the [[Major League Soccer]] club [[LA Galaxy]] since 2007 and has sponsored [[Cristiano Ronaldo]] since 2013.<ref>{{cite news|url=https://www.sportsbusinessdaily.com/Global/Issues/2013/06/05/Marketing-and-Sponsorship/Herbalife-Ronaldo.aspx|title=Herbalife Announces Five-Year Sponsorship Of Real Madrid's Cristiano Ronaldo|date=June 5, 2013|work=SportsBusiness Daily|access-date=February 3, 2018}}</ref> They sponsored [[FC Barcelona]] and [[Lionel Messi]] between 2010 and 2013.<ref>{{cite news |title=Herbalife, new nutrition sponsor |url=http://arxiu.fcbarcelona.cat/web/english/noticies/club/temporada09-10/06/02/n100602111343.html |publisher=FC Barcelona |date=2 June 2010 |access-date=3 February 2018 }}</ref> Herbalife has also sponsored the basketball club [[CB Gran Canaria|Herbalife Gran Canaria]] since 2012.<ref>{{cite web| url=https://cbgrancanaria.net/en/news/c-b-gran-canaria-renewed-the-agreement-with-herbalife-nutrition-until-2021| title=C.B. Gran Canaria Renewed the Agreement with Herbalife Nutrition Until 2021| date=4 April 2018| publisher=CB Gran Canaria}}</ref> In July 2020, Herbalife also sponsored the [[Guangzhou Charge]] of the [[Overwatch League]].<ref>{{Cite web|date=2020-07-13|title=Guangzhou Charge Signs Three-Year Non-Endemic Sponsorship Deal With Herbalife Nutrition|url=https://esportsobserver.com/guangzhou-charge-herbalife/|access-date=2021-01-11|website=The Esports Observer|language=en-US}}</ref> In addition to these team and player sponsorships, [[Women's Basketball Super League|Turkish Women's Basketball Super League]] has been named 'Herbalife Nutrition Women's Basketball Super League' for three years starting the 2019-2020 regular season.<ref>{{Cite web|url=https://www.hurriyet.com.tr/sporarena/kbslnin-yeni-sponsoru-herbalife-nutrition-oldu-3-sezonluk-sozlesme-41342405|title=KBSL'nin yeni sponsoru Herbalife Nutrition oldu! 3 sezonluk sözleşme...|website=www.hurriyet.com.tr|date=October 2, 2019 |language=Turkish}}</ref>

In 2021, the company announced a partnership with the LA Galaxy on an [[augmented reality]] fan experience.<ref>{{Cite web |date=2021-01-27 |title=Herbalife Nutrition and LA Galaxy Team Up to Offer Augmented Reality Fan Experience |url=https://www.directsellingnews.com/herbalife-nutrition-and-la-galaxy-team-up-to-offer-augmented-reality-fan-experience/ |access-date=2021-10-19 |website=www.directsellingnews.com |language=en-US}}</ref> It also has a multi-year sponsorship with [[Jonathan Dos Santos]] of the LA Galaxy.<ref>{{Cite web |date=2018-06-01 |title=Herbalife Signs LA Galaxy's Jonathan Dos Santos to Multi-Year Sponsorship - Direct Selling News |url=https://www.directsellingnews.com/herbalife-signs-la-galaxys-jonathan-dos-santos-to-multi-year-sponsorship/ |access-date=2021-10-19 |website=www.directsellingnews.com |language=en-US}}</ref> During the [[2020 Summer Olympics]], Herbalife Nutrition was a sponsor of the [[Olympic Committee of Israel]] and the [[Indian Olympic Association]].<ref>{{Cite web |last=Sturm |first=Uriel |date=2021-07-20 |title=Herbalife powers Israeli Olympians for upcoming 2020 Tokyo Olympics |url=https://www.jpost.com/israel-news/sports/herbalife-powers-israeli-olympians-for-upcoming-2021-tokyo-olympics-673935 |access-date=2021-10-19 |website=JPost.com |language=en-US}}</ref><ref>{{Cite web |last=King |first=Tom |date=2021-07-19 |title=Indian Olympic team gets Herbalife backing |url=https://www.sportspromedia.com/news/india-olympics-team-herbalife-nutrition-sponsorship-tokyo-2020/ |access-date=2021-10-19 |website=SportsPro |language=en-GB}}</ref> In 2023, Herbalife became an official partner of the [[Indian Premier League]].<ref>{{cite news |title=Herbalife partners BCCI; to become one of the official partners of IPL 2023 |url=https://www.moneycontrol.com/news/business/herbalife-partners-bcci-to-become-one-of-the-official-partners-of-ipl-2023-10334081.html |access-date=19 July 2023 |work=Moneycontrol |date=29 March 2023 |language=en}}</ref>

==Media==
In April 2016, a documentary directed by [[Ted Braun]], titled ''[[Betting on Zero]]'', premiered at the [[Tribeca Film Festival]]. It explored the allegation from Bill Ackman that Herbalife was a pyramid scheme and personal stories of its distributors who lost their life savings.<ref>{{cite news|url=http://www.latimes.com/entertainment/movies/moviesnow/la-et-mn-herbalife-bill-ackman-movie-tribeca-betting-on-zero-20160422-story.html|title=Tribeca Fest: 'Betting on Zero' stirs Herbalife waters|last=Zeitchik|first=Steven|work=[[Los Angeles Times]]|date=2016-04-22|access-date=2016-11-08}}</ref> [[Hilary Rosen]], a Democratic lobbyist and an adviser to Herbalife, questioned Tribeca's credibility after claiming that the film was "bought and paid" for by Ackman "to make good on his stock bet".<ref>{{Cite web|url=https://www.theguardian.com/us-news/2017/apr/11/herbalife-documentary-betting-on-zero|title=Betting on Zero: Herbalife doc feeds investors' feud as director claims 'dirty tricks'|work=The Guardian|date=April 11, 2017}}</ref><ref>{{Cite web|url=https://nymag.com/intelligencer/2016/04/ackman-makes-a-star-turn-while-losing-billions.html|title=Hedge-Funder Bill Ackman Is a Star at Tribeca Film Festival, Even As He's Losing Billions|work=New York Magazine|date=April 12, 2016 }}</ref>

In 2016, a ''[[Last Week Tonight with John Oliver]]'' segment on multi-level marketing focused on Herbalife; it strongly condemned the company for its structure resembling a pyramid scheme and cited the FTC report, which implied the company had been operating illegitimately. Oliver criticized Herbalife for its exploitation of [[Hispanic and Latino Americans|Latino]] communities,<ref>{{cite web|url=https://www.huffingtonpost.com/entry/john-oliver-exposes-herbalife-and-its-dangerous-focus-on-latinos_us_5820b2d3e4b0e80b02cb7c29|title=John Oliver Exposes Herbalife And Its Dangerous Focus On Latinos|last=Moreno|first=Carolina|work=[[Huffington Post]]|date=November 7, 2016|access-date=December 11, 2017}}</ref> and overstatement of its products' health benefits.<ref>{{cite web|url=http://www.newsweek.com/john-oliver-last-week-tonight-herbalife-pyramid-scheme-517881|title=John Oliver Says multilevel marketing Companies Like Herbalife Are Pyramid Schemes|work=[[Newsweek]]|last=Bort|first=Ryan|date=November 7, 2016|access-date=December 11, 2017}}</ref> One reviewer wrote that it appeared to be largely based on ''Betting on Zero'', and caused no immediate change in Herbalife's stock prices.<ref>{{cite web|url=https://nypost.com/2016/11/08/john-oliver-delivers-epic-takedown-of-herbalife/|title=John Oliver delivers epic takedown of Herbalife|work=[[New York Post]]|date=2016-11-08|access-date=2016-11-21}}</ref>

The 2018 book ''When The Wolves Bite: Two Billionaires, One Company, and an Epic Wall Street Battle'' by Scott Wapner discusses Ackman's short of the company and his battle with [[Carl Icahn|Icahn]].<ref>{{Cite web|url=https://www.bizjournals.com/newyork/news/2018/04/26/book-chronicles-ackman-icahn-herbalife-rivalry.html|title=New book chronicles the Ackman-Icahn rivalry over Herbalife|last=Noto|first=Anthony|date=April 26, 2018|website=New York Business Journal|access-date=July 2, 2018}}</ref> In the book, Wapner characterizes Ackman's decision to bet against Herbalife as dangerous, because it anticipated that the government would shut Herbalife down.<ref>{{Cite web|url=https://www.cnbc.com/2018/04/25/cnbcs-scott-wapner-ackmans-bet-against-herbalife-was-dangerous.html|title=Bill Ackman's bet against Herbalife was 'dangerous,' CNBC's Scott Wapner says|last=Gurdus|first=Elizabeth|date=April 25, 2018|website=CNBC|access-date=July 2, 2018}}</ref>

== References ==
{{Reflist
|refs =
<ref name=ar2009>
{{cite web
|url = https://www.sec.gov/Archives/edgar/data/1180262/000095012310015793/v54773e10vk.htm
|title = HERBALIFE LTD. Form 10-K - Annual Report, 2009
|date = February 23, 2010
}}
</ref>
<ref name=ar2007>
{{cite web
|url = https://www.sec.gov/Archives/edgar/data/1180262/000095012408000865/v38197e10vk.htm
|title = HERBALIFE LTD. Form 10-K - Annual Report, 2007
|date = February 26, 2008
}}
</ref>
<ref name=ar2005>
{{cite web
|url = https://www.sec.gov/Archives/edgar/data/1180262/000104746905006359/a2153305z10-k.htm
|title = HERBALIFE LTD. Form 10-K - Annual Report, 2005
|date = March 14, 2005
}}
</ref>
}}

==External links==

* {{Commons category-inline|Herbalife}}
* [https://iamherbalifenutrition.com/ Official website]
{{Finance links
| symbol = HLF
| sec_cik = 1180262
| google = HLF:NYSE
| yahoo = HLF
| bloomberg = HLF:US
| reuters = HLF.N
}}
* [http://www.marketwatch.com/tools/quotes/profile.asp?sid=1889127&symb=herbalife&siteid=mktw Company profile by MarketWatch]

{{Multi-level marketing}}

{{Authority control}}

[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Multi-level marketing companies]]
[[Category:Retail companies established in 1980]]
[[Category:Nutritional supplement companies of the United States]]
[[Category:Pyramid and Ponzi schemes]]
[[Category:Companies based in Los Angeles]]
[[Category:1980 establishments in California]]
[[Category:1980s initial public offerings]]

Wikipedia - User contributions [en]

Herbalife