WHEN: Today, Tuesday, January 7th
Following is the unofficial transcript of breaking news from CNBC's Scott Wapner.
All references must be sourced to CNBC.
SCOTT WAPNER: WE ARE KEEPING OUR EYES ON HERBALIFE TODAY, ALONG WITH NU SKIN AND SOME OF THE OTHER WEIGHT LOSS COMPANIES. THE FTC IS HOLDING A NEWS EVENT AT 11 O'CLOCK EASTERN TIME. REMEMBER THEY SAID THEY WERE GOING TO DO THIS LAST WEEK WHERE THEY ARE EXPECTED TO ANNOUNCE A CRACKDOWN ON DECEPTIVE MARKETING PRACTICES RELATED TO WEIGHT LOSS COMPANIES. NU SKIN AND HERBALIFE ARE THE ONES THAT SOLD OFF ON THAT NEWS LAST WEEK. WHAT I CAN TELL YOU NOW, ACCORDING TO MY SOURCES, IS THAT THE FTC WILL IN FACT ANNOUNCE ENFORCEMENT ACTIONS AGAINST SEVERAL COMPANIES. HOWEVER, NO PUBLICLY TRADED COMPANY WILL BE MENTIONED TODAY AT 11 O'CLOCK BY THE FTC. AGAIN THE MOST IMPORTANT NEWS HERE IS NO PUBLICLY TRADED COMPANY – NOT HERBALIFE, NOT NU SKIN, NOT ANY OF THE OTHER PUBLICLY TRADED WEIGHT LOSS COMPANIES ARE GOING TO BE SINGLED OUT TODAY BY THE FTC. WHAT I AM TOLD IS THAT THE CASES THAT WILL BE ANNOUNCED TODAY ARE SETTLEMENTS THAT DO INCLUDE TENS OF MILLIONS OF DOLLARS. BUT HERBALIFE IS NOT INVOLVED IN THAT.
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