Shares of Herablife (HLF) - Get Report -- the nutrition products distributor that billionaire activist Bill Ackman has long called a "pyramid scheme" -- jumped more than 13% in premarket trading on news that an FTC investigation into such claims has fizzled.

"The terms of the settlement do not change Herbalife's business model as a direct selling company and set new standards for the industry," Herablife said in a Friday statement. "With the settlement agreement announced today, the FTC's investigation of Herbalife is complete."

The FTC investigation into claims of pyramid-scheme recruiting at Herbalife -- arguing Herbalife vendors rarely turn a profit and are incentivized to recruit new vendors more than selling nutrition products -- have concluded with just a $200 million settlement. Herbalife previously announced that settlement in a May disclosure. Herbalife will pay a $3 million separate settlement with the Illinois attorney general. The FTC has also requested that Herbalife reorder some of its business, CNBC reported Friday.

As recently as Thursday, Ackman appeared on CNBC's "Halftime Report" to describe Herbalife shares as undervalued, and to highlight a new video on his hedge fund's website that depicts what Ackman considers predatory recruiting schemes at Herbalife -- marking the latest salvo in Ackman's battle with Herbalife since his firm unveiled a $1 billion short position in December 2012.

Herbalife shares have more than doubled since the short was first announced.

"We expect that the relief imposed by the FTC will require modifications to Herbalife's business practices which will be materially adverse to Herbalife," Ackman said in a May letter to Pershing Square investors.

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