NEW YORK (TheStreet) -- Shares of Herbalife Ltd. (HLF) are climbing higher by 5.83% to $55.52 in mid-morning trading on Monday, after the company announced, late Friday afternoon, that it has agreed to settle a class action lawsuit brought against it in 2013.
The global nutrition company is denying any liability "or wrong doing and still asserts that the suit has no merit."
"The company notes that the plaintiffs' counsel acknowledge that a finder of fact could reasonably conclude there is substantial demand for Herbalife product and Herbalife is not in violation of the law," Herbalife said.
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Watch the video below for more on Herbalife's $15 million settlement:
The company agreed to pay $15 million in order to settle the lawsuit brought on by a former California distributor of Herbalife's nutrition products that claimed the company's business model was really a "pyramid scheme," which kept him from making a profit, Bloomberg reported.
Additionally, Herbalife is scheduled to report its third quarter earnings results after the close today, and analysts polled by FactSet are expecting the company to post earnings of $1.51 per share. For the 2013 third quarter Herbalife reported adjusted earnings per share of $1.41.
Separately, TheStreet Ratings team rates HERBALIFE LTD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: