Herbalife resolves US criminal case over alleged corruption in China

Fox Business Flash top headlines for August 28

Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

NEW YORK - Herbalife Nutrition Ltd has agreed to settle a U.S. criminal case accusing it of bribing Chinese officials, including in government agencies and media outlets, to boost its business in China.

Continue Reading Below

The multi-level marketing company, whose products include dietary supplements, entered a deferred prosecution agreement to resolve a charge it conspired to violate the federal Foreign Corrupt Practices Act, an anti-bribery law.

Ticker Security Last Change Change %
HLF HERBALIFE LTD 49.34 -0.34 -0.68%

US CHARGES TWO FORMER HERBALIFE EXECUTIVES IN CHINA IN BRIBERY SCHEME: PERSON FAMILIAR

Herbalife’s deferred prosecution agreement was disclosed by a federal prosecutor and a lawyer for the company at a hearing on Friday in federal court in Manhattan.

It was not immediately clear how much Herbalife would pay in connection with the settlement.

An Herbalife logo is shown on a poster at a clinic in the Mission District in San Francisco, California April 29, 2013. (REUTERS/Robert Galbraith/File Photo)

SEC FINES HERBALIFE $20M FOR MISLEADING INVESTORS

Authorities have been investigating Herbalife’s alleged involvement in a decade-long scheme to bribe Chinese officials in order to obtain direct selling licenses, reduce government scrutiny, and suppress negative coverage by state-controlled media.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The prosecutor said Herbalife’s alleged wrongful conduct occurred between 2007 and 2016.

Shares of Herbalife traded lower at $47.80 a share before being halted for pending news.

CLICK HERE TO READ MORE ON FOX BUSINESS

Source: Read Full Article