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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "David Klafter",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-11-06 00:00:00",
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  "pageNumber": 11,
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  "notes": "This is a page from a letter by Pamela Jones Harbour to Herbalife, focusing on compliance failures and the need for structural reform.",
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      "kind": "callout",
      "text": "Only a radical redesign of Herbalife's compensation system could remedy serious and ongoing violations of consumer protection laws and securities laws.",
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      "kind": "list",
      "text": "1. Nutrition Club “Training” Programs",
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      "kind": "paragraph",
      "text": "In practice, the Herbalife compensation system incentivizes distributors to focus their efforts on recruiting new distributors into the scheme rather than selling Herbalife products to genuine retail customers.",
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      "kind": "paragraph",
      "text": "Herbalife has claimed (inconsistently) that the Company has either 250 or 350 staff members worldwide in its compliance department. We have heard from an insider whom we consider to be reliable that the real number is far lower.",
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      "text": "11 http://www.theglobeandmail.com/report-on-business/herbalife-kept-links-to-canadian-pyramid-scheme-for-a-decade/article13789659/ (claiming 350 staff members in compliance as of August 2013); http://www.cnbc.com/id/101103661 (claiming 250 staff members in compliance as of October 2013).",
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      "kind": "title",
      "text": "Compliance Priorities for Herbalife",
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