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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2013-04-09 00:00:00",
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      "text": "Herbalife’s corporate history is replete with lawsuits alleging that it is a pyramid scheme.",
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      "text": "HLF Found to be a Pyramid by Belgian Court; Adverse Court Statement on Key Pyramid Issue; Criminal Conviction of Senior Distributors; Class-Action Distributor Claims; HLF Settles Claims.",
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      "text": "In a consumer alert published on the FTC's website in 2009, \"The Bottom Line About Multilevel Marketing Plans and Pyramid Schemes,\" the FTC recommended that consumers should consider whether or not an MLM has been sued for deceptive business practices.",
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      "text": "“Herbalife’s entire business model appears to incentivize primarily the payment of compensation that is ‘facially unrelated to the sale of product to the ultimate users’ because it is paid based on the suggested retail price of the amount ordered [from Herbalife], rather than based on actual sales to consumers.” — Federal Court in California (Herbalife v. Ford)",
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      "text": "8 Herbalife v. Ford, Memorandum & Order Regarding Cross-Motions for Summary Judgment, No. CV 07-02529, slip op. at 16 (C.D. Cal. Aug. 25, 2009).",
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      "text": "Indicator #5: A History of Lawsuits",
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