Carl Icahn Gains 3 More Seats on Herbalife Ltd. Board (HLF)

On Monday, Herbalife (HLF) announced that it has given Carl Icahn three more board seats.

Carl Icahn is currently the company’s biggest shareholder, and with the addition of three more Icahn representatives on the board, Icahn will control five board seats on a 13-person board. Herbalife stated it will nominate Hunter C. Gary and Jesse A. Lynn–two employees of Icahn–and James L. Nelson, an independent director of the firm Icahn Enterprises.

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The nutrition and weight loss products company has been under scrutiny in recent months, with the U.S. Federal Trade Commission investigating Herbalife’s business practices.

Herbalife shares rallied 6.7% during Monday’s session. Year-to-date, the stock is down 37.94%.