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  "documentTitle": "Pershing Square | Activist Presentation Deck | 48 slides",
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  "presentationDate": "2016-07-01 00:00:00",
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  "notes": "Quotes from Michael Johnson (CEO) and John DeSimone (CFO) presented as evidence of materially false statements; footnotes cite earnings calls and investor day from 2013-2014.",
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      "text": "\"A large number of our distributors come in to make a little bit of money through retailing the product. They are single level distributors, not eligible for MLM compensation. We know that represents 73% of our distributor base based on the Lieberman survey, which means only sales leaders are eligible for MLM compensation.\"(2) - John DeSimone, CFO",
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      "text": "\"Our standards of practice for our opportunity are industry leading. Our gold standard, our member training, our compliance functions, our disclosures regarding the income opportunity, and new member protections that begin before the new entrant ever signs up speaks to the rigor we apply to all levels of participation by our members.\"(4) - Michael Johnson, CEO",
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      "text": "\"We have millions of customers. Three separate research studies performed by separate leading research companies confirmed that there are millions of Herbalife customers and that the overwhelming majority are outside the network.\"(1) - Michael Johnson, CEO",
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      "text": "\"At the same time that interest in health is growing, we believe more and more people also value freedom to earn an income on their own terms, which is an opportunity we are very proud to offer.\"(3) - Michael Johnson, CEO",
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      "text": "(1) Michael Johnson, Q4 2013 Earnings Call (2/19/14). (2) John DeSimone, Herbalife Investor Day Presentation (1/10/13). (3) Michael Johnson, Q4 2015 Earnings Call (2/25/16). (4) Michael Johnson, Q3 2014 Earnings Call (11/4/14).",
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      "text": "The SEC has been investigating Herbalife for more than three years. Based on the FTC's findings the SEC now has evidence that Herbalife has made numerous materially false and misleading statements to the investing public",
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      "text": "Next Steps (cont'd)",
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