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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 findings of the FTC substantially agree with our assertion that Herbalife operates as a pyramid scheme:",
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      "text": "\"[Herbalife] does not offer participants a viable retail-based business opportunity.\" (1)\n\"Herbalife’s business model primarily compensated members for recruiting new distributors to purchase product, not for selling product at retail...\" (2)\n\"[P]articipants’ wholesale purchases from Herbalife are primarily a payment to participate in a business opportunity that rewards recruiting at the expense of retail sales.\" (3)",
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      "text": "A detailed presentation reviewing the Complaint and Permanent Injunction is available here, however it is clear –",
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      "text": "\"[Herbalife] does not offer participants a viable retail-based 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 4.",
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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 4.\n(2) https://www.ftc.gov/system/files/documents/public_statements/971213/160715herbalifestatement.pdf\n(3) 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 p.38.",
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