NEW YORK, May 21, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Herbalife Nutrition Ltd. (“Herbalife” or the “Company”) (HLF). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Herbalife and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 7, 2020, Herbalife filed its quarterly report for the first quarter of 2020 with the U.S. Securities and Exchange Commission (“SEC”). In its quarterly report, Herbalife advised investors that the Company had “reached an understanding in principle” to resolve bribery investigations by both the SEC and Department of Justice (“DOJ”) in connection with Herbalife’s China operations. Per the agreement, Herbalife stated that it “would enter into an administrative resolution with the SEC with respect to alleged violations of the books and records and internal controls provisions of the FCPA [Foreign Corrupt Practices Act]”; “would separately enter into a deferred prosecution agreement (“DPA”) with DOJ, under which DOJ would defer criminal prosecution of the Company for a period of three years”; and “would agree to pay the SEC and DOJ aggregate penalties, disgorgement and prejudgment interest of approximately $123 million.” As media outlets reported on the Company’s settlement over the following days, Herbalife’s stock price fell $1.61 per share, or 3.9%, to close at $39.62 per share on May 11, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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
888-476-6529 ext. 7980