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  "documentTitle": "Pershing Square | Activist Presentation Deck | 48 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2016-07-01 00:00:00",
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  "notes": "Uses a before-after style transition to highlight the regulatory change.",
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      "kind": "callout",
      "text": "Qualifying purchases by distributors are prohibited",
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      "text": "In order to make money with Herbalife, distributors must make profitable retail sales\nAccording to the FTC, retail sales “are simply not there”(1)\nGaming the marketing plan is no longer an option\nWhat incentive to sign up remains?",
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      "text": "Herbalife currently requires distributors to make large product purchases in order to qualify for compensation and to advance in the Marketing Plan",
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      "text": "Any volume thresholds/requirements for compensation, discounts, and advancement in the Marketing Plan must be met exclusively through “Profitable Retail Sales” and Sales to Preferred Customers",
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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.18.",
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      "text": "Qualification Purchases Are Prohibited",
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