Probes Reporter, an independent investment research firm that focuses on public company interactions with the Securities and Exchange, released a new report on Wednesday.
According to the report, Herbalife Ltd. (NYSE:HLF) previously disclosed the SEC investigation was confirmed as ongoing as of April 1. The SEC confirmed in a letter the company’s “involvement in on-going enforcement proceedings.”
The report highlighted an excerpt from Herbalife’s 10-k filing dating February 25, 2016 in which the company stated, “the Company has previously disclosed inquiries from the FTC, Securities and Exchange Commission and other governmental authorities.”
Probes Reporter added it has seen many instances when a company faces multiple SEC probes, but only discloses one to its investors.
Shares of Herbalife were trading lower by around 0.5 percent late Wednesday morning.
Article Source: finance.yahoo.com