Herbalife NYSE:HLF Director Dunn Says Ackman is “Throwing Rocks”
Herbalife NYSE:HLF Director Dunn Says Ackman is “Throwing Rocks”
KO, IEP
Herbalife Ltd. Director Jeff Dunn, 55 anni, said hedge fund manager Bill Ackman is wrong in his analysis that the company is a pyramid scheme and is just “throwing rocks” to support his short position in the shares.
“I wouldn’t be here if I had any questions about it,” Mr. Dunn, CEO of Wm. Bolthouse Farms Inc. and a former Coca-Cola Co. NYSE:KO president, said Monday in a telephone interview. “From a direct-selling standpoint, this company is the Gold Standard.”
Since joining the board of Cayman Islands-based Herbalife in November 2009, Mr. Dunn said he has seen nothing that validates Mr. Ackman’s concerns. Mr. Dunn said he met extensively with Chief Executive Officer Michael Johnson and researched the company before accepting the board seat.
Mr. Ackman, founder of Pershing Square Capital Management LP, touched off a hedge fund showdown in December by accusing Herbalife of using inflated pricing, misleading sales data and complicated incentives to hide a pyramid scheme.
Carl Icahn, Chairman of Icahn Enterprises LP NASDAQ:IEP, has defended Herbalife and taken a 13.6% stake.
Mr. Dunn is the first director other than Johnson to publicly speak about the allegations, which the company denies. Stay tuned…
LTNs Analysis for HLF: Overall Short Intermediate Long
Neutral (0.20) Neutral (0.10) Bullish (0.26) Neutral (0.22)
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Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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