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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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      "kind": "callout",
      "text": "The FTC findings confirm our long-held allegation that Herbalife operates as a pyramid scheme",
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      "text": "Unfair Practices: Engaging in “unfair acts or practices” which are “likely to cause substantial injury to consumers” (3)\nIncome Misrepresentations: Engaging in “deceptive acts or practices” including making false representations that Herbalife distributors are “likely to earn substantial income” (4)\nFalse or Unsubstantiated Claims of Income from Retail Sales: Falsely representing that “Herbalife Distributors are likely to earn significant full-time or part-time income from selling Herbalife products at retail” (5)",
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      "text": "On July 15th, 2016 the FTC filed a Complaint for Permanent Injunction and Other Equitable Relief (the “Complaint”)(1) against Herbalife.(2) Specifically, the FTC announced that Herbalife operates illegally and alleged violations of Section 5(a) of the FTC Act, including:",
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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.\n(2) Including: Herbalife International of America, Inc., Herbalife International, Inc., and Herbalife LTD., collectively (“Herbalife”).\n(3) 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.39.\n(4) Id.\n(5) Id., at p.40.",
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      "text": "FTC Summary",
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