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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 two side-by-side tables to highlight a discrepancy in the 'Active' metric.",
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      "kind": "callout",
      "text": "Herbalife cherry-picks the highest earning \"Active\" Supervisors for its distributor earnings disclosure",
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      "text": "Herbalife cherry-picks the highest earning “Active” Supervisors for its distributor earnings disclosure",
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      "text": "Active Sales Leaders: 52.4%",
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      "text": "Herbalife uses multiple definitions of the term \"Active.\" In its public filings, it broadly defines \"Active\" Sales Leaders. In its distributor earnings disclosure, it uses a more narrow definition",
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      "text": "Source: Herbalife Regional Key Metrics supplement. Consistent with this disclosure, Herbalife reported 56,741 Average Active Sales Leaders in North America for the year ended 12/31/11 in its 2011 10-K.",
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      "text": "Herbalife Regional Key Metrics - Reclassified for 6 Regions",
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