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Pershing Square's Herbalife Presentation: Live Blog

Tickers in this article: HLF
Live Blog Pershing Square's Herbalife Presentation: Live Blog

NEW YORK ( TheStreet) --  Pershing Square Capital Management's Bill Ackman will present his new findings on Herbalife at 9:15 a.m. ET after the hedge fund manager said on Monday he has spent $50 million to press a public relations battle against company, which he believes is a pyramid scheme.

Ackman told Bloomberg TV he's spent $50 million of Pershing's limited partners' capital to research and publicize the fund's negative views on Herbalife. Those comments come ahead of a Tuesday presentation Ackman is holding that he said "will give the market sufficient information to shut the company down."

The hedge funder also indicated to Bloomberg TV his presentation, which was moved up late on Monday to 9:15 a.m. ET, may expose fraudulent activity at nutrition clubs run by the company's distributors.

Live Blog Pershing Square's Herbalife Presentation: Live Blog

Herbalife disclosed earlier in 2014 it is being subjected to reviews by the Federal Trade Commission. In April, the Financial Times reported that the Federal Bureau of Investigations and the Department of Justice were also investigating the company, however, Herbalife has said it is not aware of any ongoing FBI or DoJ inquiry. The  company also has vehemently rejected Ackman's assertions and indicated on Monday it will present counter-arguments to his newest presentation.

Spending is nothing new in the battle between Ackman and Herbalife. As TheStreet reported in January, Herbalife has spent nearly 10 times the money on lobbying in Washington than Pershing Square has. That is logical given the range of lobbying issues a near $5 billion revenue company like Herbalife may have. Pershing, by contrast, has focused its lobbying efforts exclusively on the  Herbalife campaign.

It is Pershing that may have spent more on its Herbalife PR battle. In 2013, Herbalife spent $29 million on legal work, advisory services and other expenses to respond to Pershing's allegations, and it spent a further $4.3 million in the first quarter of 2014.

Some Herbalife bulls, however, aren't convinced the presentation will have an impact. Sahm Adrangi, chief investment officer of hedge fund Kerrisdale Capital said the fund continues to be long Herbalife in spite of Ackman's presentation on Tuesday. "I doubt Ackman will show anything especially material at tomorrow's presentation," Adrangi said in an e-mail to TheStreet late on Monday.