Herbalife (HLF) Still Has One Fan, Regardless of Market Chatter/Auditor Resignations
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Rain or shine, one investor will stick by Herbalife's (NYSE: HLF) side.
Following news that KPMG will resign as auditor for Herbalife today, the WSJ noted that activist investor Robert Chapman Jr. will be buying when others are selling. He commented to the WSJ that he is "very long and will double my position today if it falls materially, as even KPMG has stated there is no reason to believe any accounting/audit work is improper."
It wasn't made clear what Chapman's position in Herbalife was as of late, but he gained notoriety late last year following disclosure from hedge fund giant Bill Ackman that he was short $1 billion worth of Herbalife stock. Chapman previously commented that he had a 35 percent long position in HLF and thinks the stock could go to a 15 to 20 times multiple, or triple-digit stock price.
Of course, there was news in February that Chapman sold or hedged his entire Herbalife stake as pressure mounted.
Shares of Herbalife are still halted Tuesday morning.
Following news that KPMG will resign as auditor for Herbalife today, the WSJ noted that activist investor Robert Chapman Jr. will be buying when others are selling. He commented to the WSJ that he is "very long and will double my position today if it falls materially, as even KPMG has stated there is no reason to believe any accounting/audit work is improper."
It wasn't made clear what Chapman's position in Herbalife was as of late, but he gained notoriety late last year following disclosure from hedge fund giant Bill Ackman that he was short $1 billion worth of Herbalife stock. Chapman previously commented that he had a 35 percent long position in HLF and thinks the stock could go to a 15 to 20 times multiple, or triple-digit stock price.
Of course, there was news in February that Chapman sold or hedged his entire Herbalife stake as pressure mounted.
Shares of Herbalife are still halted Tuesday morning.
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