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Herbalife Shareholders Can Expect More Than 'Slap on the Wrist,' Ackman Says By James Passeri | May 12, 2016 | 04:29 PM EDT

It seems nothing can deter Bill Ackman from his conviction that Herbalife (HLF - Get Report) shares will eventually topple.

In rolling out bleak first-quarter earnings for his hedge fund, Pershing Square, on Wednesday -- in which about a quarter of the fund's capital evaporated -- the billionaire activist took another swing at the nutrition-products distributor.

In his letter, he said Herbalife shareholders missed the big picture when the company crushed its first-quarter earnings forecast earlier this month by failing to look at the fine print.

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Within the company's quarterly filing, Herbalife recognized that the Federal Trade Commission could soon levy significant penalties because of the manner in which Herbalife conducts its recruitment of distributors, Ackman said...