NEW YORK, April 11, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Herbalife Ltd. ("Herbalife" or the "Company")(NYSE: HLF). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether Herbalife and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On January 23, 2014, United States Senator Ed Markey called for government investigations into the company's business practices, describing the company as a pyramid scheme that has financially hurt his constituents.
On this news, shares of Herbalife fell $8.25 per share to more than 11.22%, on intraday trading to a price of $65.28 on January 23, 2014.
On April 11, 2014, the Financial Times ("FT") reported that the U.S. Department of Justice and Federal Bureau of Investigation have opened a criminal investigation into multi-level supplements-seller Herbalife. According to the FT's report, the criminal investigation will be led by the U.S. attorney and FBI's New York offices.
On this news, shares of Herbalife fell $8.36 per share to more than 13.97%, on intraday trading, to a price of $51.48 on April 11, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP