Herbalife stock rises 12% in last day of 2012 trading
Herbalife Ltd., the stock shorted by hedge fund manager Bill Ackman, rose the most in more than seven months on the final day of trading in 2012.
The shares advanced 12 percent to $32.94 at the close in New York on Monday for the biggest increase since May 16. The company sank 38 percent in the week ended Dec. 21.
Ackman, head of New York hedge fund Pershing Square Capital Management LP, said earlier this month that based on a year of research he was convinced Herbalife is a pyramid scheme. The company misrepresents sales figures, misleads distributors about potential earnings and sells a commodity product at inflated prices, he said.
In an emailed statement, the company called Ackman’s assertions a “malicious attack on our business model based largely on outdated, distorted and inaccurate information.”
On the Move
Amanda O. Jenssen is the newest associate at Hartley & McGehee. Her experience includes serving as a summer law clerk at Hartley & McGehee in 2010 and as a law clerk to Michael F. Broderick and Matthew J. Viola of the Family Court, First Circuit for Hawaii. Jenssen earned her degree in 2011 from the William S. Richardson School of Law, University of Hawaii.
Caroline Hayashi, former chief operating officer for the Girl Scouts of Hawaii, has been named executive director of the Waikiki Community Center. Hayashi has served with nonprofit and community-centered organizations in the areas of operations, service programs, fund development and economic development. She has worked in Boston, Ecuador and Washington.
HomeStreet Bank has given $34,000 to these agencies:
» Salvation Army of Hilo: $3,000 to provide meals to the homeless and to stock a pantry that provides groceries to families in poverty
» Hale Aloha O Hilo Habitat for Humanity: $2,500 for homebuyer education classes
» Honolulu Habitat for Humanity: $3,500 toward building homes for low-income families on Oahu
» Hawaii Home Ownership Center: $10,000 for homeownership education and support programs
» Family Programs Hawaii: $5,000 to help provide stable home environments for children
» Na Hale O Maui: $5,000 for classes for first-time homebuyers
» Maui Habitat for Humanity: $5,000 to help build homes for low-income families on Maui