Daniel Loeb, the CEO of New York-based hedge fund Third Point LLC, has purchased 8.9 million shared voting power common stock shares of Herbalife, according to an SEC filing today. Loeb's ownership stake is equal to 8.24% of outstanding shares of Herbalife, a nutrition company noted for its direct selling business model through independent distributors.
Herbalife representatives are scheduled to host an analyst and investor meeting in New York at 9 a.m. EST, Jan. 10. The meeting will be attended by Herbalife senior management, and is expected to address Herbalife's recent business in greater detail.
An attempt to contact Herbalife representatives to get comment on the recent common stock acquisition by Loeb was unsuccessful.
The article Activist Investor Daniel Loeb Takes 8% Stake in Herbalife originally appeared on Fool.com.
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