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  • Herbalife's Unwholesome Scandals - Cramer's Mad Money (5/20/08)
    Herbalife has a troubled management history going back years. Best to find situations with fewer questions about management.

    If a company has a cloud over it concerning management, that's just one more risk in a market that has more than enough other risks at this time.

    Here is an Apri 25, 2000 Los Angeles Times excerpt that illustrates the concern:

    "HERBALIFE International Inc. founder Mark Hughes is a man with big dreams. He is not only building a 45,000-square-foot house in Benedict Canyon, but he wants to conquer the world with his nutritional, dietary and beauty-care products.

    Yet recently, Hughes bit off more than he could chew, and Herbalife is paying the price.

    The flamboyant Hughes, 43, last year announced he would take his publicly traded company private by buying back all the outstanding stock he didn't own at $17 a share. That's considerably less than the high of $27 that Herbalife stock was trading for in spring 1998, but more than what it was trading for last week. It closed April 19 at $10.43 a share.

    Early this month, Hughes was forced to drop the $500 million deal because he wasn't able to garner enough capital in the high-yield financing market. The company later announced it would take a first-quarter charge of between $8.5-million and $10.5 million as a result of the collapsed buyout transaction.

    This came after the company announced it would settle a class-action lawsuit filed by stockholders challenging the fairness of the $17-a-share tender offer. Since these announcements, Herbalife' s stock price has fallen precipitously, hitting a 52-week low of $9.63 on April 18. Its 52-week high of $16.37 was reached on Jan. 14."
    May 22 00:09 am |Rating: 0 0 |Link to Comment |View article

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