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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 direct quotes from an FTC complaint to frame the business model as artificial.",
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      "kind": "callout",
      "text": "A significant percentage of total volume is merely qualification buying",
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      "text": "“[P]articipants at the highest status levels who must make monthly product purchases in order to earn recruiting rewards are the most robust wholesale purchasers of Herbalife products... such high-level participants purchased on average almost eight times as much product per person as participants at the lowest level of ‘Sales Leaders’ (Supervisors), who by and large were ineligible for such recruiting rewards.” (2)",
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      "text": "“Higher-level Distributors who are eligible to receive reward payments frequently buy Herbalife products in order to meet the thresholds for obtaining these rewards, rather than to satisfy consumer demand... analysis of Defendants’ purchasing data reflects... they frequently purchased almost precisely the amount of product necessary to qualify for the payment.” (1)",
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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 p.37.\n(2) Id., at p.38.",
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      "kind": "title",
      "text": "Herbalife Does Not Offer Distributors a Viable Retail-Based Business Opportunity",
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