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article imageHerbalife says FTC opens inquiry long sought by Ackman

    Mar 12, 2014 in Business

(Reuters) - U.S.-based nutrition and weight loss company Herbalife Ltd on Wednesday said the U.S. Federal Trade Commission opened an inquiry into its operations.

Herbalife, which has been accused by hedge fund manager William Ackman of running a pyramid scheme, said it would "cooperate fully" with the FTC.

"Herbalife welcomes the inquiry given the tremendous amount of misinformation in the marketplace," the company said in a statement. "We are confident that Herbalife is in compliance with all applicable laws and regulations."

Trading in Herbalife shares was halted.

(Reporting by Phil Wahba in New York; editing by Andrew Hay)

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