Herbalife Nutrition
in Torrance, United StatesCategory: Attraction
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950 W 190th St, Torrance, CA 90502, USA Print route »
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Herbalife Nutrition is a global multi-level marketing corporation that develops, markets, and sells nutrition supplements, weight management, sports nutrition, and personal-care products. The company was founded by Mark Hughes in 1980, and it employs an estimated 8,000 people worldwide. Herbalife reported net sales of US$4.488 billion in 2016, flat with 2015, and net income of $260 million, down 23% from the year prior. The business is incorporated in the Cayman Islands, with its corporate headquarters located Los Angeles, California. The company operates in 95 countries (as of July 2015) through a network of approximately 3.2 million independent distributors.The company has been criticized by, among others, hedge fund manager Bill Ackman of Pershing Square Capital, who claimed that Herbalife operates a "sophisticated pyramid scheme" after taking a $1 billion short position in Herbalife stock. Herbalife agreed to "fundamentally restructure" its business and pay a $200 million fine as part of a 2016 settlement with the U.S. Federal Trade Commission (FTC) following accusations of it being a pyramid scheme. As part of the settlement, the FTC dropped its claim that Herbalife was a pyramid scheme. The FTC said in a press release about the settlement "it's virtually impossible to make money selling Herbalife products." In November 2017, Ackman's hedge fund closed out its short position in Herbalife.
