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US Penalizes Herbalife For Misleading Investors On Paying Distributors In China

Executive Summary

SEC says Herbalife agrees to pay $20m to settle charges misled investors on how it compensated its distributors in China, making made false and misleading statements in SEC filings between 2012 and 2018.Global direct seller also separately announces projects for a product center in Shanghai and improved internet platform to boost sales in China.

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Four-point China initiative also includes implementing sales strategy already a fixture in other regions, nutrition clubs with daily meetings. China's April-June results compelled firm to lower earnings forecast.

Herbalife Pays $123M To Resolve Criminal, Civil Charges From US Investigation Of China Business

Direct seller pays fines in settlements with SEC and DoJ on bribery and other charges but two former executives for its operations in China still face criminal charges alleging violations of the Foreign Corrupt Practices Act. They have not been arrested and have remained at large since being charged in November 2019.

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"We're a growth company, well-positioned in a global trend of nutrition that the world hasn't seen before," says co-president John Agwunobi. But the direct seller's record volume increase in 2019 didn’t translate to revenue growth as China, Mexico and Central and South America pulled down results.

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