NEW YORK--(BUSINESS WIRE)--Pershing Square Capital Management, L.P. (“Pershing Square”) today released the third in a series of videos showing that Herbalife continues to make false and misleading claims about its fraudulent business opportunity to entice new entrants into their pyramid scheme. The videos are available at www.FactsAboutHerbalife.com.
Today’s video features Herbalife President’s Team member Celeste Richmond making false and misleading claims about the company in May 2015. In the video, she claims:
When you build up a royalty in Herbalife, let’s say you’re making some of those high incomes like Sheriff was talking about: $20,000, $30,000, $40,000, $70,000 a month because I know people that make well over that per month in Herbalife. By the time you are older, say you’re making $70,000 a month and it’s your time to go … your Herbalife membership can be passed on to your children and they will be able to collect that income for the rest of their lives.
Despite her misleading claims, Richmond has been promoted by Herbalife as a role model to other distributors. The company even sent her to Washington D.C. in 2014 to speak to members of Congress about the company.
Herbalife’s compensation plan incentivizes recruiting which fosters misleading and fraudulent distributor behavior. Herbalife remains a pernicious pyramid scheme in which 99% of distributors earn less than minimum wage from the company.
Pershing Square will release the fourth video in the series tomorrow, June 23, 2016, at 9:00AM. To watch the videos 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 size or 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.