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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2017-05-11 00:00:00",
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  "notes": "The slide uses bolding to emphasize the expanded scope of regulatory risk in the 2017 disclosure.",
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      "text": "If our business practices are deemed to be in violation of applicable regulations as they are or may be interpreted or enforced, or modified regulations... then we could be sanctioned and/or required to change our business model.",
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      "text": "The regulatory environment in China is evolving, and officials in the Chinese government, including at the local and central level, exercise broad discretion in deciding how to interpret, apply, and enforce regulations as they deem appropriate, including to promote social order. Regulators in China may change how they interpret and enforce the direct selling regulations, both current interpretations and enforcement thereof or future iterations. Regulators in China may also modify the regulations. — Herbalife Q1 2017 Form 10-Q",
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      "text": "Note: Emphasis added. Source: Herbalife 2016 Form 10-K, Q1'2017 Form 10-Q.",
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      "text": "Revised 10-Q Disclosure Regarding China Raises New Red Flags (cont'd)",
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