Herbalife Ltd. (NYSE:HLF)'s share price fell sharply after a Federal Trade Commission (FTC) probe into its business practices was made public, from $65 to a recent low of $49.5, but it has partially recovered since then, pushing toward $60, as Herbalife bulls argue that there is little chance of the government actually taking action against the company. But with no new facts from the FTC investigation, arguments largely hinge on what people thought before the probe began.

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