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  "documentTitle": "Pershing Square | Activist Presentation Deck | 48 slides",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2016-07-01 00:00:00",
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  "notes": "The slide uses legal complaint excerpts to frame the company's business model as deceptive.",
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      "kind": "callout",
      "text": "There is minimal retail demand for Herbalife’s products",
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      "text": "At best, “Discount Customers” comprise 25% of total volume",
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      "text": "Quote arguing that over 75% of volume is purchased by 'Sales Leaders' rather than discount buyers.",
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      "text": "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 28.",
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      "text": "Herbalife Does Not Offer Distributors a Viable Retail-Based Business Opportunity",
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