Herbalife Confirms Illinois Attorney General Investigation
Herbalife Ltd. (HLF) has had more than a normal share of investigations and probes of late. Now it turns out that it is confirming a probe from the State of Illinois, following similar actions by New York State and other regulatory bodies.
24/7 Wall St. would warn readers and Herbalife investors that this latest confirmed state investigation is almost certainly going to be far from the last inquiry into the company. As a reminder there are more than 50 states and territories, plus other nations. Will every single one of those jurisdictions investigate and probe them? Possibly - or likely. many current investigations may not have even been announced as of yet.
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Herbalife stated in a response late on Thursday:
We have more than 15,000 members and many more thousands of satisfied customers in Illinois. We will continue to provide the outstanding products and services that they have come to expect from Herbalife over the past three decades. We will always support the good work of our members.
We are confident in the integrity of our longstanding business and the Company's compliance with applicable laws and regulations. We look forward to working with the Illinois Attorney General's office to resolve the consumer complaints it has received.
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By now it seems that investors would be used to investigations. That being said, Herbalife shares were down 0.4% at $55.08 right before the closing bell. Its stock has traded in a range of $34.77 to $83.51 in the last 52-week period.
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