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Today, Pershing Square Capital
Management, L.P. issued the following statement in response to
Herbalife's
analyst day presentation:
William A. Ackman, CEO of Pershing Square Capital Management
said, “In advance of today's analyst day, Herbalife promised to
provide a detailed refutation of each of the facts that we
enumerated in our December 20th presentation. Instead, the
company distorted, mischaracterized, and outright ignored large
portions of our presentation. For example, Herbalife did not respond to our identification of overstatements and inaccuracies
in the company's earnings statement for distributors, which
among other deceptions, excludes the 93% of distributors that
have zero gross earnings.
In today's presentation, Herbalife offered the opportunity for
‘anyone' to ask questions of Herbalife so its business can be
better understood.
Pershing Square will be publicly releasing a detailed series of
questions that will assist investors, regulators, distributors,
and other interested parties in understanding the truth about
Herbalife. Thereafter, we will respond with particularity to
every issue raised today by Herbalife.
Over the last three weeks, we have been contacted by numerous
interested parties who have provided additional insight into
Herbalife's business practices. We will be addressing these new issues in our updated presentation.
Please go to www.factsaboutherbalife.com to view our
presentation and learn more about the company.”
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