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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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      "text": "Five States – Georgia, Louisiana, Maryland, Massachusetts, and Wyoming – specifically regulate or bar earnings claims with respect to multi-level marketing programs.",
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      "text": "For example, Massachusetts and Wyoming statutes provide: \"Multi-level distribution companies shall not represent, directly or indirectly, that participants in a multi-level marketing program will earn or receive any stated gross or net amount, or represent in any manner, the past earnings of participants . . . \"Multi-level distribution companies shall not represent, directly or indirectly, that additional distributors or sales personnel are easy to secure or retain, or that all or substantially all participants will succeed.\"",
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      "text": "Multi-level distribution companies shall not represent, directly or indirectly, that participants in a multi-level marketing program will earn or receive any stated gross or net amount, or represent in any manner, the past earnings of participants . . . Multi-level distribution companies shall not represent, directly or indirectly, that additional distributors or sales personnel are easy to secure or retain, or that all or substantially all participants will succeed. — Massachusetts and Wyoming statutes",
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      "text": "Ga. Code § 10-1-414(2); La. Rev. Stat. § 51:1823(1); Md. Code, Bus. Reg. § 14-303; Mass. Gen. L. ch. 93 § 69(e); Wyo. Stat. § 40-3-107.",
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