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  "documentTitle": "Multiple holdings (Pershing Square portfolio)",
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      "kind": "callout",
      "text": "Herbalife’s restatement of “Active New Members” calls into question the company’s veracity and highlights its misleading statements to investors",
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      "text": "Recently, HLF filed an 8-K with the SEC, restating materially downwards its novel \"Active New Members\" statistics. While the company is now making light of the importance of this measure, it previously trumpeted the increases in this metric as an indication of future growth potential.",
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      "text": "In light of steadily declining membership, Herbalife invented a new metric—\"Active New Members\"— which it claims shows \"engagement\" by distributors. The company introduced this metric on its Q2 2015 earnings call – in conjunction with deterioration in overall recruitment – but has never defined what the term \"Active New Members\" means or how it is calculated.",
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      "text": "Herbalife Has Tried to Obfuscate the Facts",
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