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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 a timeline-style table to show the progression from positive reporting to silence.",
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      "text": "When individual markets experience structural deterioration, Herbalife will often point to temporary factors to explain the decline. Once a market inevitably falls below a certain sales threshold, Herbalife eliminates all disclosure regarding the market.",
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      "text": "When individual markets experience structural deterioration, Herbalife will often point to temporary factors to explain the decline. Once a market inevitably falls below a certain sales threshold, Herbalife eliminates all disclosure regarding the market.",
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      "text": "“The UK, our oldest market in EMEA, continues its impressive performance. This quarter we experienced 92% growth in volume, and a 56% increase in average active sales leaders.” — Des Walsh (July 2013); “Net sales in the United Kingdom decreased $15.2 million, or 21.8%, for the year ended December 31, 2015... Following significant growth the United Kingdom market in 2013 and 2014, we have seen a decline in 2015. This decline is attributed to the impact of recent changes to the Marketing Plan, including the shift in focus to our longer-term sales leader qualification method to which Members continue to adapt. The underlying business metrics remain solid...” — 2015 Form 10-K; “Net sales [in the United Kingdom] decreased $9.9 million, or 18.1%, for the year ended December 31, 2016... We are taking steps to improve Member leadership engagement.” — 2016 Form 10-K",
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      "text": "Source: Herbalife SEC filings, Q2’2013 earnings conference call.",
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      "text": "Evolution of United Kingdom Disclosure",
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      "text": "“Pop-and-Drop:” Country-Level Disclosure",
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