William Stiritz, one of the largest investors in Herbalife, cut his stake in the Los Angeles nutrition and weight loss company to 5.2 percent, down from 8.2 percent, according to a regulatory filing Tuesday reported by Reuters.
Stiritz, who was chief executive of cereal maker Post Holdings until late 2014 and is now nonexecutive chairman, said in a 13G/A filing that he now owns roughly 4.8 million shares in Herbalife, or 5.2 percent of the company.
Stiritz was a staunch supporter of Herbalife in a long public battle with hedge fund manager William Ackman, who accused the company of running a pyramid scheme, allegations Herbalife has repeatedly denied. Ackman made a $1 billion short bet against the company in 2012 when the stock was trading around $47 a share. It closed Tuesday at $45.35, up 71 cents or 1.6 percent.
