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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 callouts to correlate specific news events with sharp movements in the stock price, highlighting the market's reaction to the FTC settlement.",
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      "text": "10:00AM: FTC News Conference Begins",
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      "text": "~9:22AM: Tim Ramey comments that HLF shares are likely to reprice to $80-$100; “All-Clear” for HLF",
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      "text": "~7:50AM: Major news outlets begin to run headlines that the FTC has found HLF not to be a pyramid scheme",
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      "text": "~1:00PM: PSCM issues press release responding to FTC Settlement",
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      "text": "~10:25AM: “They were not determined not to be a pyramid. That would be inaccurate... I do not endorse [Icahn’s] statement.” – Chairwoman Ramirez",
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      "text": "~11:30AM: News outlets begin correcting misleading headlines",
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      "text": "~8:30AM: HLF and Icahn issue press releases announcing the settlement agreement and granting Icahn’s right to boost ownership to ~35%",
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      "text": "10:44AM: HLF 8-K / FTC Settlement Agreement filed with the SEC",
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      "text": "Herbalife Share Price – 7/15/2016",
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      "text": "Source: Bloomberg.",
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