Herbalife Inc. released a regulatory filing Monday that revealed the firm spent almost $700,000 last year on security for Chief Executive Officer Michael Johnson.
According to Bloomberg on Tuesday, this was in response to threats made to Johnson after billionaire Herbalife investor Bill Ackman, chief executive of New York’s Pershing Square Capital Management, began accusing the downtown L.A. supplements producer of being an illegal pyramid scheme in December 2012.
Those expenses, including home services, were $694,000, according to the filing. It spent an additional $33,000 on other top executives.
Earlier this month, the firm announced it would commence discussions with the Federal Trade Commission regarding a potential resolution of a current federal investigation into its marketing practices.
Herbalife’s shares have been volatile since Ackman began attacking the company, sinking as low as $24.24 and surging to as high as $83.51. Herbalife shares rose 1 percent in Tuesday trading to close at $57.69.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Herbalife CEO Michael Johnson to Step Down After 13 Years
- Herbalife Shares Rise After Ackman Attack
- Herbalife Chief’s Compensation Slashed
- Herbalife Slow To Speak Out
- Herbalife Continues to Plummet
- Herbalife Executives Expect Penalties
- Herbalife Wins Lawsuit Dismissal – Again
- Herbalife Applauds Ackman Expose