Herbalife's major shareholder Bill Stiritz has not sold any of his position in the company, but is using the stock's pullback to buy more shares, according to sources.
Stiritz's new Herbalife positions are not not enough to mandate an SEC filing, the source told CNBC. Stiritz now has a 8.2 percent stake in Herbalife. Herbalife shares edged higher following the news.
Sources also told CNBC that Stiritz's confidence in Herbalife's business model is said to be greater than ever.
Stiritz is a chairman of cereal maker Post.
The Los Angeles-based nutrition company has been facing several regulatory investigations and shares have been plunging for much of 2014 into this year.
—Reporting by CNBC's Scott Wapner, written by CNBC's Reem Nasr.