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Herbalife Rallies as Carl Icahn Opts For Bigger Role on Board

Herbalife was given a boost on Monday after activist investor Carl Icahn nominated three people, two Icahn Enterprises employees and a director, to Herbalife's board of directors. This would give Icahn five seats on the 13-member board. Icahn Enterprises, Herbalife's biggest shareholder with a 16.8% stake, has been active in defending the nutritional supplements company against accusations it employs a pyramid scheme in its Chinese sales strategies. The FTC recently opened an investigation.