But apparently his conviction hasn't changed, as he continues to assail the company's business practices in several letters to Pershing Square's investors. In late August, he wrote directly to Herbalife's new auditor, PricewaterhouseCoopers, detailing what he called "serious accounting issues."
(Read more: Ackman to PwC: Herbalife may get you in trouble)
Herbalife has said it "stands by its prior financial statements."
Herbalife continues to post strong earnings and has made a couple of high-profile board appointments.
(Read more: Carl Icahn finally has some good to say about Bill Ackman)
But Ackman and other shorts clearly feel some issues remain unresolved.
Investors are still waiting for the company to receive its audited financials and will now be left to wonder what Ackman has up his sleeve next.
—By CNBC's Scott Wapner. Follow him on Twitter: @ScottWapnerCNBC.