Fraud Discovery Institute Retracts Herbalife Accusations
LOS ANGELES--(BUSINESS WIRE)--
Herbalife Ltd. (NYSE: HLF) and the Fraud Discovery Institute announced today that the Fraud Discovery Institute retracts its accusations against multi-level marketer Herbalife. Herbalife and the Fraud Discovery Institute reached the agreement to avoid litigation.
Upon further investigation by FDI founder Barry Minkow, the Fraud Discovery Institute became convinced that Herbalife employs systematic internal controls, including the use of outside, independent laboratory testing, which ensures their products are manufactured safely and in compliance with California law. It is evident to the Fraud Discovery Institute that Herbalife produces products that are safe, and that the company strives for continuous improvement in product quality.
The Fraud Discovery Institute immediately withdraws all accusations against Herbalife, including any Proposition 65 allegation relating to any Herbalife product and any contentions against the Herbalife business model.
About Herbalife Ltd.
Herbalife Ltd. 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 66 countries through a network of over 1.8 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.
Source: Herbalife Ltd.
Released Aug 22, 2008 • 12:02am EDT