In his quest to bring down Herbalife, activist investor Bill Ackman will publicly showcase a documentary about former Herbalife distributors who say they were defrauded by the company.
Ackman, who has bet more than $1 billion that Herbalife’s stock will collapse, is offering the film as his latest evidence that the controversial nutrition products company is a pyramid scheme. He said his Pershing Square hedge fund commissioned the 15-minute documentary last year to get alleged victims before regulators and the public.
Herbalife has denied it is a pyramid scheme.
The documentary will be shown at an event Friday in New York City. Members of the press, government, community and consumer organizations are invited to attend the showing, which will be simultaneously webcast.
The specific time and place is undisclosed to prevent any interference at the actual event, according to Ackman.
The film will be followed by a live panel discussion with individuals in the film, moderated by former CBS news anchor Connie Chung.
Chung said she took the gig on the condition she would not be paid and would be given free rein to treat it like any other news story. She plans to interview Herbalife executives and the victims ahead of time.
“It is such an incredible, meaty story,” Chung told The Post.
Pershing Square has not compensated those in the documentary beyond paying expenses for those who are coming to New York.
That includes a modest New York City hotel room, economy class airfare and $71 per diem for food, which is the government standard, Ackman said.
Herbalife blasted Ackman after he acknowledged paying lost wages to a former Herbalife executive who became a whistle-blower against the company.
A film trailer can be see here: