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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "The Permanent Injunction represents Herbalife’s agreement to engage in a “top to bottom”(4) restructuring of its business model in the United States to “start complying with the law.”(5)",
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      "text": "The FTC alleged that Herbalife operates illegally and alleged violations of Section 5(a) of the FTC Act",
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      "text": "On January 10th, 2017 the FTC announced it is mailing $200 million of checks to ~350,000 Herbalife victims",
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      "text": "This represents one of the largest redress distributions the agency has made in any consumer protection action to date(6)",
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      "text": "On July 15th, 2016 the FTC filed a Complaint for Permanent Injunction and Other Equitable Relief (the “Complaint”)(1) against Herbalife.(2) The same day, Herbalife filed an 8-K, which included a Stipulation to Entry of Order for Permanent Injunction and Monetary Judgment (the “Permanent Injunction”)(3)",
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      "text": "We believe injunctive relief demanded by the FTC will pressure Herbalife’s earnings",
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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. (2) Including: Herbalife International of America, Inc., Herbalife International, Inc., and Herbalife LTD., collectively (“Herbalife”). (3) FTC v. Herbalife International of America, Inc., et al. (July 15, 2016). Stipulation to Entry of Order for Permanent Injunction and Monetary Judgment. (4) https://www.ftc.gov/news-events/blogs/business-blog/2016/07/its-no-longer-business-usual-herbalife-inside-look-200 (5) Id. (6) https://www.ftc.gov/news-events/press-releases/2017/01/ftc-sends-checks-nearly-350000-victims-herbalifes-multi-level",
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