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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "notes": "Slide 220 from an activist deck, citing specific FTC reports and regulatory guidance.",
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      "text": "Based upon its own research, the FTC considers pro forma disclaimers (\"Results are not typical\") unlikely to be effective to negate testimonials – unless the advertiser presents empirical tests showing non-deception",
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      "kind": "disclaimer",
      "text": "\"The Effect of Consumer Testimonials and Disclosures on Ad Communication for a Dietary Supplement,\" Report by Manoj Hastak, Ph.D. and Michael B. Hazis, Ph.D, submitted to the FTC Sept. 30, 2003... [etc]",
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      "text": "105The Commission tested the communication of advertisements containing testimonials that clearly and prominently disclosed either \"Results not typical\" or the stronger \"These testimonials are based on the experiences of a few people and you are not likely to have similar results.\"Neither disclosure adequately reduced the communication that the experiences depicted are generally representative. Based upon this research, the Commission believes that similar disclaimers regarding the limited applicability of an endorser's experience to what consumers may generally expect to achieve are unlikely to be effective. Nonetheless, the Commission cannot rule out the possibility that a strong disclaimer of typicality could be effective in the context of a particular advertisement. Although the Commission would have the burden of proof in a law enforcement action, the Commission notes that an advertiser possessing reliable empirical testing demonstrating that the net impression of its advertisement with such a disclaimer is non-deceptive will avoid the risk of the initiation of such an action in the first instance.",
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      "text": "Section 255.2. Consumer Endorsements - footnote:",
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      "text": "The Commission tested the communication of advertisements containing testimonials that clearly and prominently disclosed either \"Results not typical\" or the stronger \"These testimonials are based on the experiences of a few people and you are not likely to have similar results.\" Neither disclosure adequately reduced the communication that the experiences depicted are generally representative. — FTC Section 255.2 Consumer Endorsements",
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      "text": "Summary on FTC website: http://business.ftc.gov/documents/bus71-ftcs-revised-endorsement-guideswhat-people-are-asking",
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      "text": "Testimonials, Earnings Claims & Disclaimers",
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