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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2015-08-01 00:00:00",
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      "text": "Herbalife in China operates as it does in the rest of the world — as a pyramid scheme — violating the Direct-Sales Regulations, Pyramid Sales Regulations and the Criminal Law in China.",
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      "text": "Herbalife's SEC filings are false and misleading in that they conceal from investors and regulators that, in China, Herbalife pays multi-level, commission-based royalties, while characterizing those royalties as SG&A. Herbalife's statement of Risk Factors does not fully disclose its risks under Chinese law.",
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