NEW YORK (TheStreet) -- Pershing Square Capital Management's Bill Ackman will present his new findings on Herbalife (HLF) at 9:15 a.m. ET after the hedge fund manager said on Monday he has spent $50 million to press a public relations battle against company, which he believes is 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 was moved up late on Monday to 9:15 a.m. ET, may expose fraudulent activity at nutrition clubs run by the company's distributors.
Herbalife disclosed earlier in 2014 it is being subjected to reviews by the Federal Trade Commission. In April, the Financial Times reported that the Federal Bureau of Investigations and the Department of Justice were also investigating the company, however, Herbalife has said it is not aware of any ongoing FBI or DoJ inquiry. The company also has vehemently rejected Ackman's assertions and indicated on Monday it will present counter-arguments to his newest presentation.