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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2016-07-20 00:00:00",
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  "notes": "This slide is from the famous Pershing Square presentation on Herbalife.",
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      "text": "Demand material injunctive relief – effectively dismantling the pyramidal nature of Herbalife’s business – and otherwise prevent further victimization of consumers",
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      "text": "Our investment thesis has been that the FTC would take one of two actions: Litigate to halt Herbalife’s operations and provide restitution for victims, or Demand material injunctive relief – effectively dismantling the pyramidal nature of Herbalife’s business – and otherwise prevent further victimization of consumers",
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      "text": "We believe the FTC’s recently announced Settlement Agreement represents the fulfillment of the second of the above two scenarios",
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      "text": "Pershing Square has long held that Herbalife is a fraud – a Pyramid Scheme that victimizes millions of people around the world",
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      "text": "Pershing Square’s Thesis",
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