New York - Pershing Square Capital Management, L.P. released a profile of Herbalife (NYSE: HLF) Chairman's Club Member Alan Lorenz, the latest in a series of 23 profiles covering 33 top Herbalife distributors. The profiles show how top distributors blatantly utilize the elaborate, deceitful practices that are the foundation of Herbalife’s fraudulent “business opportunity.”
Alan Lorenz has been an Herbalife distributor since 1984 and a member of Herbalife’s Chairman’s Club. Like many top distributors, he has relied on deceptive training videos and presentations, marketing Herbalife as “idiot-proof” and the “magic company.” In Mr. Lorenz’s publicly available videos and materials, he stresses that recruiting is the primary way to get ahead in the business. Mr. Lorenz’s story has been publicly embraced by Herbalife; he appears regularly in Herbalife-sponsored events and is an active member of the company’s training circuit. Mr. Lorenz’s full profile can be viewed here.
Top distributors rely on significant downlines typically comprised of thousands of aspiring entrepreneurs, most of whom will never see any real income from Herbalife. Eighty nine percent of Herbalife distributors make no money at all in commissions and according to the company’s disclosure, 90% of distributors fail within their first year at Herbalife. The 33 profiled distributors utilize systematized recruiting methods to draw new recruits into the scam and boost their own profits.
These top distributors routinely stand alongside Herbalife management at events, appear in Herbalife sponsored videos and even serve on the company’s board of directors. It would be impossible for Herbalife to claim total ignorance or assert that these 33 top distributors are just a “few bad apples.” Herbalife continues to permit these top distributors’ predatory practices to thrive and the company has reaped the financial rewards for decades.
A complete list of the profiled perpetrators can be found here. They include:
A complete list of the profiled perpetrators can be found here. They include:
For more information, visit www.HerbalifePyramidScheme.com and 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 the websites www.factsaboutherbalife.com and www.herbalifepyramidscheme.com.
Contacts
Pershing Square
Fran McGill, 212-909-2455
McGill@persq.com
or
Rubenstein
Farrell Sklerov, 212-843-8289
fsklerov@rubenstein.com
Farrell Sklerov, 212-843-8289
fsklerov@rubenstein.com
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