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NEW YORK – Herbalife Nutrition Ltd has agreed to settle a US criminal case accusing it of bribing Chinese officials, including in government agencies and media, to boost its business in China.
The multi-level marketing company, whose products include nutritional supplements, filed a lawsuit to resolve a charge that conspired to violate the federal Foreign Corrupt Practices Act, an anti-bribery law.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| HLF | HERBALIFE LTD | 49.40 | -0.28 | -0.56% |
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Herbalife’s proposal follow-up agreement was revealed 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 displayed on a poster at a clinic in the Mission District of San Francisco, California, April 29, 2013. (REUTERS / Robert Galbraith / File Photo)
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Authorities have investigated Herbalife’s alleged involvement in a ten-year scheme to bribe Chinese officials to obtain direct sales licenses, reduce government control and suppress negative coverage by state-run media.
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The prosecutor said that Herbalife’s alleged misconduct occurred between 2007 and 2016.
Shares of Herbalife traded lower at $ 47.80 per share before being stopped for pending news.
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