Herbalife Ltd. (NYSE:HLF) went on the defensive Monday after a New York Times article focusing on his campaign against it. In a matter of hours, Ackman will be showing off what he says are some new documents he reportedly obtained from a former employee, reports Beth Jinks and Katherine Burton of Bloomberg.

Shares of Herbalife Ltd. (NYSE:HLF) rose more than 2% during regular trading on Monday but then erased most of that gain in premarket trading this morning.

Herbalife Ltd. (NYSE:HLF) – Ackman plans presentation

Ackman has been trying for more than a year to convince investors and regulators that Herbalife Ltd (NYSE:HLF) is a pyramid scheme. He said that today he will show off documents which he believes will show that the nutritional supplements company’s operations in China violate the nation’s laws. He did not elaborate on exactly what the documents say, but he did say that his webcast will begin at 2 p.m. Eastern today (sign up for our free newsletter to get the coverage delivered to your inbox).

Herbalife Ltd. HLF
Herbalife Ltd. (HLF) via TipRanks

On Monday, Ackman took aim at yet another person connected with the company. On his website, HerbalifePyramidScheme.com, he spotlighted Dan Waldron. According to the website, Waldron has been with Herbalife Ltd (NYSE:HLF) for 30 years and has ties to a number of business which are linked to Herbalife. Ackman maintains that the company’s independent distributors make false claims about success when selling Herbalife products. Waldron has reportedly made such claims, but Ackman’s big problem is that his results, if true, are not typical in terms of what distributors can really expect if they decide to sign up.

Herbalife Ltd. (NYSE:HLF) on the defensive

Herbalife Ltd (NYSE:HLF) continues to state that it is a legitimate company and not a pyramid scheme. The Wall Street Journal reports that the company released a statement after the New York Times article was published.

“Ackman’s unprecedented campaign to destroy Herbalife has now been exposed for what it is: a cynical, self-serving attempt to manipulate the market by buying his way into an investigation to cover his own reckless $1 billion bet,” the company said in a statement.

The activist investor famously dragged Herbalife Ltd (NYSE:HLF) into the spotlight in late 2012 when his firm Pershing Square Capital Management took a $1 billion short position in the company and stated that its stock would be heading to $0.