Herbalife Ltd.

Herbalife is an illegal pyramid scheme: distributors profit from recruiting not retail, the top 1% captures 88% of rewards, and the stock is ultimately worth zero.

Herbalife is an illegal pyramid scheme masquerading as a nutrition company; its $4.8bn market cap rests on recruiting, not real retail demand, and the stock should go to zero.

Pershing urges Herbalife's first-ever Chief Compliance Officer to build a genuinely independent program, because a 4-million-distributor pyramid cannot survive real enforcement of its own rules.

A leaked 71-minute video shows Herbalife CEO Michael Johnson admitting the business is a 'lottery ticket' with 'pyramiding' — Pershing demands he release the tape and the distributor failure data.

Herbalife's fastest-growing segment — China, ~10% of sales — operates as an illegal pyramid scheme, with royalties disguised in SEC filings as 'China Sales Employees' SG&A to hide identical multi-level compensation.

FTC findings satisfy the Koscot/Omnitrition/Vemma legal test for a pyramid scheme