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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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  "presentationDate": "2012-12-20 00:00:00",
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  "notes": "Uses a side-by-side comparison to highlight a discrepancy in revenue recognition.",
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      "text": "What Actually Happens",
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      "text": "When a Non-Sales Leader distributor purchases product directly from Herbalife, Herbalife accounts for the transaction as if the product had been purchased from Herbalife by the upline Sales Leader",
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      "text": "Herbalife P&L: Retail Sales $100, Distributor Allowances ($50), Product Sales $50",
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