According to the November 5, 2007, Herbalife (NYSE:HLF) response to the Fraud Discovery Institute (FDI) report, the company states: “We have confidence in our direct-selling business model, our integrity and transparency as a NYSE-listed company and the fundamentals of our business.”
Asks FDI’s Barry Minkow, “Have Herbalife forgotten the imputed credibility of being on the New York Stock Exchange lost its value when another, well-known NYSE company failed – specifically, Enron? There was not one word about the 24-page expert analysis of the Herbalife that challenges the very core and foundation of its business fundamentals and business model. Continue reading
Multi-level marketing company Herbalife (NYSE:HLF) is the target of the most recent investigation done by Barry Minkow and Fraud Discovery Institute. A new website, Doomed By Design has been developed, and a written report has been released. A short video clip is included, and a full documentary will be released later this year.
Herbalife is the world’s largest multi-level marketing (MLM) company. Barry Minkow and team found that the company is illegally doing business in China. Chinese laws prohibit multi-level marketing businesses from existing in China, and do not even permit their products in the country. Continue reading
An article today on SanDiegoReader.com does an excellent job of highlighting what’s been happening with the Usana case. As if I’d ever let you forget, I will remind you that Usana Health Sciences is being investigated by the Securities and Exchange Commission for violation of securities laws.
Their investigation was initiated based upon a lengthy report authored by Barry Minkow and Fraud Discovery Institute. Contributors to the investigation included me, Robert FitzPatrick, Jon Taylor, and Doug Brooks, to name a few.
Here’s a summary of the case, with the help of the article: Continue reading
I issued a report to Fraud Discovery Institute about many of the financial issues raised in the Usana Health Sciences matter. The report clarifies the issues and why they’re important from an accounting perspective, specifically regarding Generally Accepted Accounting Principles (GAAP), materiality, and disclosures.
A few of the high points of my report include: Continue reading