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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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  "presentationDate": "2016-07-20 00:00:00",
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  "notes": "The slide functions as a legal argument slide, using quotes from an FTC complaint to dismantle the 'retail-based' defense.",
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      "text": "There is minimal retail demand for Herbalife's products",
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      "text": "At best, \"Discount Customers\" comprise 25% of total volume",
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      "text": "At best, “Discount Customers” comprise 25% of total volume",
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      "text": "[P]romised retail sales to customers simply are not there.",
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      "text": "[M]any of the Distributors whom Defendants would expressly or impliedly characterize as solely 'discount buyers' are, in fact, pursuing the business opportunity.",
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      "text": "[S]elf-consumption is not driven by genuine demand for the product, but is the easiest and most convenient way for a Distributor to get some benefit from product that the Distributor would not have bought absent his or her participation in the business opportunity.",
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      "text": "\"Even using a grossly overstated measure of 'discount buyers,'\" informed by \"Defendants' data,\" \"it is clear that collectively they [discount buyers] could account for only a small percentage of the volume of Defendants' products sold in the United States...\"",
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      "text": "retail demand: 25%",
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      "text": "“[M]any of the Distributors whom Defendants would expressly or impliedly characterize as solely ‘discount buyers’ are, in fact, pursuing the business opportunity.” — FTC v. Herbalife International of America, Inc., et al. (July 15, 2016). Case No.2:16-cv-05217, Complaint for Permanent Injunction and Other Equitable Relief, at 28.",
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      "text": "(1) FTC v. Herbalife International of America, Inc., et al. (July 15, 2016). Case No.2:16-cv-05217, Complaint for Permanent Injunction and Other Equitable Relief, at 28. (2) Id., at 18. (3) Id., at 22. (4) Id., at 29.",
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      "text": "Herbalife Does Not Offer Distributors a Viable Retail-Based Business Opportunity",
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