Herbalife slips president’s resignation into earnings report

by louabbott on May 21, 2008

Blogging Stocks – May 21, 2008

Last week Blogging Stocks reported about Barry Minkow’s discovery that Herbalife (NASDAQ: HLF) president and COO Gregory Probert had lied on his resume, claiming to have an MBA that he didn’t have.

Goldman Sachs analyst Simeon Gutman opined that the credentials flap didn’t matter, and that he’d be surprised if Probert lost his job because “not only does he oversee many of Herbalife’s day-to-day operations, he is often regarded as a key strategic thinker for the business.”

Ooops. In a press release today Herbalife reported “record first quarter results.” But wait! In a press release on April 4, Herbalife announced that “Herbalife Ltd. will release its first quarter 2008 financial results after the close of trading on the NYSE on Monday, May 5, 2008.”

And now they decided to ambush investors with them today. What gives? Glad you asked. Buried at the bottom of the press release, we find this:

Chairman and CEO Michael O. Johnson accepted President and COO Gregory L. Probert’s resignation effective April 30, 2008. The misstatement of Probert’s academic credentials has been a matter under review by the board of directors. Given the company’s unwavering commitment to the highest standards in business ethics, the company had no other choice but to accept the resignation.

Read the entire article at BloggingStocks.com

Also, read our company overview: Herbalife Facts, News and Review

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