LOS ANGELES–(BUSINESS WIRE)–Herbalife (NYSE:HLF) issued a statement in response to a letter written by Barry Minkow of the Fraud Discovery Institute.
We have confidence in our direct-selling business model, our integrity and transparency as a NYSE-listed company and the fundamentals of our business. With regard to our business in the People’s Republic of China, the Chinese government thoroughly reviewed our company, our global operating model and our specific operating plan in China as part of the licensing process. We received our first direct-selling license in China in March 2007 and subsequently received an expanded license in July 2007, which further validated the legitimacy of our operating plan in China. We believe our China marketing plan is compliant with all applicable laws, as are our marketing plans and business practices worldwide.
Barry Minkow states in the footnotes to his letter, he is hoping to use video gathered during his investigation as a stepping stone to a weekly television show that will benefit him financially. Minkow is a convicted felon trying to create a sensational story by drafting a 90-page letter, cobbling together one-party consent undercover video and calling it “evidence.”
We stand behind the integrity of our company.
Herbalife Ltd. (NYSE:HLF) is a global network marketing company that sells weight-management, nutrition, and personal care products intended to support a healthy lifestyle. Herbalife® products are sold in 65 countries through a network of more than 1.6 million independent distributors. The company supports the Herbalife Family Foundation and its Casa Herbalife program to bring good nutrition to children. Please visit Herbalife Investor Relations for additional financial information.