NEW YORK--(BUSINESS WIRE)--Pershing Square Capital Management, L.P. (“Pershing Square”) today released a video of Herbalife CEO Michael Johnson speaking at an Herbalife Opportunity Meeting in Lima, Peru on August 17, 2010. The meeting, which was simulcast in 24 other countries, shows CEO Michael Johnson giving his carefully honed pitch to recruit victims into the Herbalife scam:
“Remember, Herbalife’s a gift. You give the gift of Herbalife to people when you get them on the product. You give the people the gift of long-term income when you make them a distributor.”
Herbalife is fundamentally the same company today that it was when Michael Johnson stood on that stage in Peru.
This video is a reminder that the pernicious behavior at Herbalife is not the result of a few “bad apple” distributors as the company has claimed. The fraudulent behavior stretches from the CEO to the Board of Directors to the top distributors and beyond. Herbalife’s compensation plan and financial incentives drive wrongful behavior and consumer harm and allow the company’s fraudulent business opportunity pitch to thrive.
Michael Johnson was right when he said:
“This business opportunity not only can, it will change your life.”
Unfortunately, for the 99% of distributors who earn less than minimum wage from the company and the 86% of distributors who earn $0 from the company, the change in their lives is for the worse.
To watch the video and learn more about Herbalife, visit: www.FactsAboutHerbalife.com
About Pershing Square Capital Management, L.P.
Pershing Square Capital Management, L.P. ("Pershing Square"), based in New York City, is a SEC-registered investment advisor to investment funds. Pershing Square manages funds that are in the business of trading — buying and selling — securities and other financial instruments. Funds managed by Pershing Square are short the stock of Herbalife Ltd and own put options on the Company. Pershing Square may increase, decrease, dispose of, or change the form of its investment in Herbalife for any or no reason, at any time. Pershing Square may change its views about or its investment positions in Herbalife at any time, for any reason or no reason. Pershing Square may buy, sell, cover or otherwise change the form or substance of its Herbalife investment. Pershing Square disclaims any obligation to notify the market of any such changes. Please see the full Disclaimer appearing on website www.factsaboutherbalife.com and www.herbalifepyramidscheme.com.