Herbalife Gains From Fund Stake Erased By SEC Inquiry
Posted on January 09, 2013 at 15:54 PM EST
Herbalife (HLF) shares ricocheted up, down and then up again Wednesday as a hedge fund manager defended it. Then reports emerged that the SEC was looking into the company. It jumped 7% in early morning trading after Dan Loeb's hedge fund disclosed an 8.9 million share purchase of the weight loss supplement company. Loeb's hedge fund, Third Point, now owns an 8.2% stake in Herbalife. In mid-afternoon, reports emerged that enforcement officials in