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Icahn: Herbalife is undervalued, has capital to spare; shares spike 10%

Carl Icahn: Herbalife has been viable for years

Billionaire investor Carl Icahn on Monday said he believes Herbalife is undervalued and said he is satisfied with the company's re-audited results.

"We're certainly happy about it," billionaire investor Carl Icahn told CNBC on Herbalife's completion of re-audited results. "I've never really doubted that this is a valuable company."

Earlier Monday, the nutritional-supplement maker said there were no material changes to the company's audited 2010, 2011 or 2012 financial statements and with these amended filings, the company is now up to date with the SEC.

Icahn said that the company is still undervalued and has capital.

"It's not a secret that [Herbalife's] earnings have been increasing at about a 10-percent clip," he said.

Shares spiked nearly 10 percent after being temporarily halted following the announcement. Herbalife has more than doubled its 30-day average volume of 2.46 million shares.

Meanwhile, Herbalife has been embroiled in a public battle with Pershing Square Capital Management's Bill Ackman, who has accused the company of being a pyramid scheme.

"It is not the role of Herbalife's auditor to determine if the company is a pyramid scheme," Ackman told CNBC in a response to Herbalife's re-audited results. "Rather, that determination depends on whether distributors earn more from recruiting new distributors than from retail sales to consumers who are not distributors. The few Herbalife distributors that make money earn the vast majority of their profits from recruiting. Herbalife is a pyramid scheme that will be shut down by regulators."

—By CNBC.com