“One thing investors like about embattled multi-level marketer Herbalife Ltd. (NYSE:HLF) is that it has lots of overseas business,” writes Orion Research’s Christine Richard in Seeking Alpha. However, all that overseas activity can make it hard to follow where and when the company is selling its products.

Richard has assembled trade data over several years – initially sourced from Zepol and now Datamyne [Datamyne acquired Zepol in October 2015] – to track the volumes and destinations of Herbalife’s exports. Her finding of 217 shipments, containing 2,130 metric tons of products, routed through the Netherlands (where Herbalife has a distribution center) and bound for Lebanon in 2014, raises questions, she says.

Why had Herbalife management never mentioned this apparently major market? Richard reports on her quest for (still elusive) answers in this Seeking Alpha article.

Read “Did Herbalife Ship Millions of Canisters of Formula 1 to Lebanon?” >

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