{ "docId": "019dd923-622c-750b-8b9b-b1168ab6bd8a", "docSlug": "ddfbb08119f4", "documentTitle": "Multiple holdings (Pershing Square portfolio)", "authorId": "01_Pershing_Square", "authorName": "Pershing Square", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-04-26 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 64, "pageCount": 82, "prevPage": 63, "nextPage": 65, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "density": "overcrowded", "nDataPoints": 0, "notes": "This slide is part of an activist investor presentation (Pershing Square) arguing for a short position.", "elementsJson": [ "headline_text", "bullet_list", "paragraph", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9b-b1168ab6bd8a/64", "deckHref": "/decks/019dd923-622c-750b-8b9b-b1168ab6bd8a", "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-b1168ab6bd8a.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-b1168ab6bd8a#slide-64", "components": [ { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "callout", "text": "Regulatory action appears forthcoming", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7280db4f-6e50-40c7-9182-640eea215530", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "We do not believe the FTC will deliver a “slap on the wrist” in light of the enormous harm Herbalife inflicts on its victims, which will continue if it is not forced to stop its pyramidal practices", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b4-70ad-b39e-2bec14e74cf9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.04, "y": 0.71 }, "kind": "list", "text": "Vemma Complaint provides a potential road-map for Herbalife", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "605b1137-4856-46f8-ad37-3075ad8dcd9e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.04, "y": 0.26 }, "kind": "list", "text": "Regulatory investigations nearing a conclusion", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fc80a175-b0b2-4287-b7a3-c0a45d9078b6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.08, "y": 0.58 }, "kind": "paragraph", "text": "We do not believe the FTC will deliver a \"slap on the wrist\" in light of the enormous harm Herbalife inflicts on its victims, which will continue if it is not forced to stop its pyramidal practices", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "14ad5e8b-4f60-4e6b-9f53-224d0270e98e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.88, "x": 0.08, "y": 0.31 }, "kind": "paragraph", "text": "In its 10K, filed February 25th 2016, Herbalife added a new disclosure about the U.S. Federal Trade Commission (FTC): The Company is currently in discussions with the FTC regarding a potential resolution of these matters...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "338a2fab-249f-4b2b-988c-006a79f2b005", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.08, "y": 0.76 }, "kind": "paragraph", "text": "Herbalife could not survive if the courts applied the same restrictions to Herbalife which they have imposed upon Vemma. Pershing Square has published a detailed side-by-side comparison on our website – FactsAboutHerbalife.com", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "714d792e-4dbf-4d80-932f-00edc77083b4", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "The Company is currently in discussions with the FTC regarding a potential resolution of these matters. The possible range of outcomes include the filing by the FTC of a contested civil complaint, further discussions leading to a settlement which could include a monetary payment and other relief or the closure of these matters without action... Moreover, no assurances can be given that the outcome of these matters will not have a material adverse impact on the Company's business operations, its financial condition or its results of operations. — Herbalife Form 10-K, pg. 100", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b4-70ad-b39e-2df5b6f270a3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "Source: Herbalife Form 10-K.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4b684948-0887-494d-b2d0-42ff925f5ef4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Herbalife: It's a Pyramid Scheme", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "babe18ce-82c0-4a82-b292-eebd71a0b9a3", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "preempt_rebuttal", "slug": null, "matchId": "7b81a3aa-b3be-47f7-b34b-3e3529d1887d", "evidence": "The slide anticipates regulatory outcomes and addresses potential counter-arguments regarding the severity of FTC action.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }