Herbalife’s new audit deals fresh blow to Ackman

Herbalife Ltd (HLF) dealt a fresh blow to hedge fund manager William Ackman on Monday when the nutrition and weight loss company said a re-auditing of its books caused no material changes to its recent financial statements. The company said that auditor PricewaterhouseCoopers had completed a review of its financial statements for 2010, 2011, 2012 and 2013 and that it made no significant changes. Herbalife shares surged 9.4 percent to end regular trading at $74.83, up 127 percent year to date. That is bad news for Ackman’s $12 billion hedge fund, Pershing Square Capital Management, which has lost a substantial sum by betting that Herbalife’s stock price would fall.

    

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