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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 relies on legal complaint excerpts to frame the business opportunity as non-viable.",
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      "kind": "callout",
      "text": "What little retail exists is not profitable",
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      "text": "“The retail sale of Herbalife product is not profitable or is so insufficiently profitable that any retail sales tend only to mitigate the costs to participate in the Herbalife business opportunity.”(1)\n\n“The overwhelming majority of Distributors who attempt to retail the product make little or no net income, or even lose money, from retailing the product.” (2)\n\n“Analysis of Defendants’ own Distributor purchase data shows that, even under favorable assumptions about Distributors’ market reach and sales price... half of Distributors whom the Defendants designate as “Sales Leaders” average less than $5 per month in net profit from retail alone, and half of these Distributors lose money.” (3)",
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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.5.\n(2) Id., at p.22.\n(3) Id., at p.18.",
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      "text": "Herbalife Does Not Offer Distributors a Viable Retail-Based Business Opportunity",
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