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  "documentTitle": "Pershing Square Portfolio (multiple positions)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2015-04-28 00:00:00",
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      "text": "All facts continue to confirm that Herbalife is a pyramid scheme",
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      "text": "Over the past 10 months, four independent directors, including the Lead Director and chair of the Audit Committee, have resigned. Director and Chairman’s Club member Pedro Cardoso is under indictment in Brazil for financial crimes; HLF claims it was unaware of the charges and has not disclosed the indictment in its SEC filings",
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      "text": "The few successful distributors make substantially all of their revenues from recruiting. HLF spent over $69 million defending itself, but refuses to collect retail sales information. Gratziani: “[S]uccessful people in retailing in our business, it’s a very small percentage. . . . The majority of our people have a difficulty in selling products, in general.”",
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      "text": "News sources report top Herbalife distributors are being contacted by federal law enforcement agencies related to their business practices",
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      "text": "Herbalife continues to attack the messenger with a public relations campaign against Pershing Square. Ultimately, the facts will drive the outcome",
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      "text": "Video obtained of a meeting of corporate executives and top distributors discussing ‘a level of inauthenticity’ in the business. Current Chairman’s Club member Stephan Gratziani: “Who wants to bring their family into a struggle to make it? Who wants to bring their family into an eventual deception?”",
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      "text": "“Who wants to bring their family into a struggle to make it? Who wants to bring their family into an eventual deception?” — Stephan Gratziani; “[S]uccessful people in retailing in our business, it’s a very small percentage. . . . The majority of our people have a difficulty in selling products, in general.” — Stephan Gratziani",
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      "text": "Sources: Herbalife public filings. CNBC (http://www.cnbc.com/id/102561717).",
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      "text": "Herbalife: It’s a Pyramid Scheme",
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