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Herbalife discloses investigation in Illinois

Herbalife says it will cooperate with investigation by attorney general of Illinois

Associated Press

NEW YORK (AP) -- Nutritional supplements and weight-loss products maker Herbalife is being investigated by the attorney general of Illinois.

The office of Attorney General Lisa Madigan confirms it is investigating complaints brought by consumers. Herbalife says it will work with the attorney general's office, and that it is confident in the integrity of its business and its compliance with the law. The company has over 15,000 members in Illinois.

Herbalife shares fell 17 cents to $55.10 on Thursday.

For more than a year, hedge fund manager Bill Ackman has accused the company of being a "pyramid scheme" that makes money by recruiting more salespeople instead of through selling products. Herbalife rejects the accusation.

In March the Cayman Islands company said it is being investigated by the Federal Trade Commission for possible "deceptive practices."