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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": "The top 1% of Herbalife’s U.S. distributors receive ~88% of the “gross compensation.”",
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      "text": "The top 1% of Herbalife's U.S. distributors receive ~88% of the “gross compensation.” Think of this metric as similar to a Gini coefficient, a statistical measure of income inequality.",
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      "text": "We believe Herbalife has caused, and continues to cause, unsuspecting consumers substantial monetary and non-monetary harm. This monetary harm, we conservatively estimate, equals many billions of dollars.",
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      "text": "In a class action settled by Herbalife in 2005 (Jacobs v. Herbalife International, Inc., Case No. CV-02-1431 (U.S.D.J., C.D. Cal.)), over 2,700 distributors filed claims to participate in the settlement.",
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      "text": "10 Nutrition Clubs, supposedly a source of material growth in daily consumption of HLF products, are claimed to be ‘social clubs,’ but are defined mostly by what they may not do...",
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      "text": "Indicator #9: Top 1% of HLF Distributors Earn 88% of “Gross Compensation”",
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