Minkow Drops Campaign Against Herbalife

by louabbott on August 22, 2008

Los Angeles Business Journal – Published August 22, 2008

Herbalife Ltd. has convinced former fraudster-turned-consumer advocate Barry Minkow into retracting his accusations about the safety of Los Angeles nutritional supplement maker’s products.The Los Angeles supplement maker and Minkow, who reinvented himself into a consumer advocate several years ago after his release from prison on charges he defrauded investors of his ZZZZ Best carpet cleaning company, released a joint statement Friday.

The statement said that Minkow, who has admitted shorting the stock, retracted the claims to “avoid litigation.” It goes on to say that Minkow no longer believes Herbalife’s products are harmful.

“Upon further investigation, (Minkow’s) 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,” said the release.

“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 statement continued, noting that Minkow’s group also retracted criticisms about the alleged unfairness of Herbalife’s multi-level marketing business model.

Read the entire article at the Los Angeles Business Journal

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

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