Herbalife, a nutritional supplement company that was once the focus of attacks by a well-known hedge fund manager, reached a settlement on Friday with securities regulators over allegations it misled investors about its business practices in China.

The company agreed to pay $20 million to the Securities and Exchange Commission to settle claims that it misled investors for six years and told them that its business practices in China were different from its operations in other countries.

The settlement comes a little more than a year after the hedge fund manager, William A. Ackman, raised the white flag and ended a prominent bet that shares of Herbalife would collapse because he believed it was running an unsustainable pyramid scheme.

Mr. Ackman, who runs Pershing Square Capital Management, had bet as much as $1 billion on the collapse. He began his crusade in 2012 with a three-hour presentation that he called “Who Wants to Be a Millionaire?” To support his campaign, he produced a number of critical reports about the company.