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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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  "notes": "This slide is part of a legal or regulatory filing (Pamela Jones Harbour, 2014) exposing deceptive marketing practices.",
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      "text": "These statements are materially false and misleading. The vast majority of Herbalife distributors make far less than the minimum wage.",
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      "text": "A series of quotes from various individuals promising high income levels, followed by a rebuttal stating these claims are false and misleading.",
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      "text": "These statements are materially false and misleading. The vast majority of Herbalife distributors make far less than the minimum wage.",
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      "kind": "paragraph",
      "text": "You might also peruse the pages of Herbalife Today... We analyzed every issue... determined that from 1997 and 2004, Herbalife Today included approximately 393 income testimonials... probability of earning $178,000 per year is 1 in 5,000.",
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      "text": "Pamela Jones Harbour November 6, 2014 Page 15 of 19",
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      "kind": "quote",
      "text": "“2 million? 5 million?” — John Tartol (current board member); “[T]his opportunity can provide persons with a career level / residual income of an average of $100,000 per year.” — Financial Success System publication (affiliated with Doran Andry); “Cash flow of “$10,000+ by month 6th [sic] is common.” — Freedom Team Presentation (affiliated with Kurt & Cindy O’Connell); “Just after six months in the business, our income was over $6,000 a month... And over the last nine years, we have made millions... And what I know, you could have the same opportunity as we had.” — Michael Burton (later went into personal bankruptcy); “[I]t was crazy, it was unbelievable, I mean, we were able to pay cash for a £80,000 Ferrari... It really is a life, it’s all you dream, really.” — David Bevan",
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