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Herbalife nears settlement with feds over China activities May 8, 2

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Herbalife nears settlement with feds over China activities  May 8, 2

Herbalife nears settlement with feds over China activities

|About: Herbalife Nutrition Ltd. (HLF)|By: , SA News Editor 

Herbalife Nutrition (NYSE:HLF) discloses (10-Q, page 21) that it has reached an understanding in principle with the SEC and Department of Justice (DOJ) to settle their investigation into its compliance with the Foreign Corrupt Practices Act (FCPA) in China during the period 2006 - 2016.

Pursuant to the implementation of its own remedial measures, including replacing certain employees and beefing up its policies and procedures there, and its continued cooperation in the matter, the company would enter into an administrative resolution with the SEC and a deferred prosecution agreement (DPA) with the DOJ under which the latter would defer criminal prosecution for three years related to a conspiracy to violate certain FCPA provisions.

If the company remains in compliance with the DPA for the three-year period, the deferred charge will be dismissed with prejudice after it pays a total of $123M in penalties, disgorgement and prejudgment interest to the SEC and DOJ.

The parties are still negotiating the final details of the settlement documentation.

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