Herbalife Stock Sinks Despite Bear Cutting Short Risk
Herbalife (HLF) stock sank despite activist investor William Ackman reducing the risk on his short position, which has already cost him hundreds of millions of dollars in paper losses. Ackman pointed out to his Pershing Square Capital Management clients in a letter that "September has come and gone," and still pending is a re-audit of financial statements that was seen backing an aggressive repurchase plan. Herbalife shares were down 6.2% at 68.56
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