NEW YORK (TheStreet) -- Pershing Square Capital Management's Bill Ackman said on Monday he has spent $50 million to press a public relations battle against Herbalife (HLF), after the hedge fund staked an about $1 billion bet against the multi-level supplements seller and called it 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 will be made in Midtown Manhattan at 10 a.m. ET, may expose fraudulent activity at nutrition clubs run by the company's distributors.
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