FOX Business Network’s (FBN) Senior Correspondent Charlie Gasparino reports that billionaire hedge fund manager William or Bill Ackman’s lawyers are pressing the Securities and Exchange Commission (SEC) to look at possible market manipulation surrounding billionaire investor George Soros’ investment in Herbalife Ltd. (NYSE:HLF). Gasparino reports, “On Monday, hedge fund titan George Soros took a large ‘long’ position in the company, joining investor Carl Icahn and others who are also betting against Ackman, people close to the matter say.” Gasparino goes on to report that Ackman’s legal representative told SEC officials that “Soros’ position came as his representatives held a series of ‘idea meetings’ with other potential Herbalife investors.”

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Gasparino on billionaire hedge fund manager William Ackman questioning the timing of investor George Soros’ Herbalife investment:

“Are some investors manufacturing a “short squeeze” in shares of Herbalife Ltd. (NYSE:HLF) in order to force activist investor William Ackman to capitulate on his massive bet against the health-product manufacturer? Those representing Ackman think so, and they’re pressing officials in the New York office of the Securities and Exchange Commission to investigate. Ackman’s representatives are pointing to what they say is the curious timing of the latest investor to take a big stake in the company — and drive shares of Herbalife higher, thus further eroding Ackman’s short position. On Monday, hedge fund titan George Soros took a large ‘long’ position in the company, joining investor Carl Icahn and others who are also betting against Ackman, people close to the matter say.  Ackman’s legal representative told SEC officials that Soros’ position came as his representatives held a series of ‘idea meetings’ with other potential Herbalife investors.”

On Soros’ Herbalife investment:

“Soros’ investment represents less than 5% of outstanding shares of Herbalife or securities rules would have forced his fund to disclose the size of the position with the regulators. However, if his fund purchased shares in concert with other investors, or as a “common group,” that could also prompt a filing of a shared position, securities lawyers say. No such filing has been made so far. Lawyers for Ackman are prodding the SEC to investigate whether such a shared position exists and whether the leaking of Soros’ position constitutes stock manipulation, according to people with knowledge of the matter.”