Herbalife analyst Tim Ramey is also a shareholder in the controversial company.
Ramey owned Herbalife stock before joining Pivotal Research last October, he revealed at the time.
Analysts aren’t allowed to own stocks they cover at Pivotal, said Chief Compliance Officer Jeff Shelton.
But the policy was waived in Ramey’s case because it was a small position, he said. It’s even smaller now, as Herbalife has fallen 25 percent since October.
After attacking Bill Ackman’s Herbalife short thesis in 2013, Ramey left his prior firm, D.A. Davidson, in January 2014, just as the stock started to tank. He joined Bill Stiritz’s Post Holdings, which he left in July but continued as an adviser until Nov. 7., he disclosed Monday.