Herbalife
3 activist/short documents on this target.
Timeline
2015-02-26
Pershing Square · other
Herbalife is a pyramid scheme built on recruitment, not retail: former distributors describe losing thousands while 88% of participants earn no commission.
N4 V1
2016-07-20
Pershing Square · conference presentation
The FTC's July 2016 Herbalife complaint and forced restructuring vindicate Pershing's pyramid-scheme short thesis; normalized EPS collapses to $1.42–$2.22, far below the ~$65 share price.
N5 V3
2017-05-11
Pershing Square · full deck
Post-2012-short results confirm Herbalife's pyramid thesis: individual markets pop-and-drop, Q1'17 China growth is a pull-forward illusion, and questionable EPS add-backs mask structural decline.
N4 V3