a suit filed by Herbalife investors alleging the company is operating an illegal pyramid scheme. On March 12, 2015, it reported that Ackman was under investigation by federal prosecutors and the FBI; Ackman was quoted that he would not back down from his claims against Herbalife. Platform Specialty Products Corporation As of June 2014, Pershing Square is the largest institutional holder of the shares of Platform Specialty Products Corporation (), owning a 24.28% stake. Pershing first disclosed the position in January 2014, shortly after Platform debuted on the New York Stock Exchange. Subsequently, in April 2014, Platform announced a deal to acquire the agrochemicals business of Chemtura for approximately $1 billion. Agriphar, another agricultural specialty chemicals company, agreed in August 2014 to become the third company to join the Platform umbrella. In April 2014, Ackman singled out Platform Specialty Products in "The Outsider" presentation, which discusses optimal methods of capital allocation. Pershing Square Tontine Holdings (PSTH) Pershing Square Tontine Holdings is a blank check company formed by Bill Ackman that went public in July 22, 2020 at a value of $4 billion and trade under the ticker symbol PSTH.U before the split of its warrants and shares. PSTH is currently the largest SPAC to IPO to date. PSTH has a unique "Tontine" structure where shareholders are incentivized to hold shares through merger once a target is found for acquisition. The IPO included 200 million units, which included a total of 200 million shares and 22,222,222 warrants. Another 44,444,444 warrants, or two ninths per share, will be distributed to shareholders who choose to participate in the proposed merger. The strike price of PSTH warrants are $23. In July 2022, Ackman addressed PSTH shareholders saying that he would return the funds of the SPAC as he was "unable to consummate a transaction that both meets our investment criteria and is executable." In popular culture Pershing Square's investment ventures are prominently featured in two financial documentaries. Betting on Zero features Bill Ackman's economic activism in the $1Bn shorting of Herbalife Nutrition by Pershing in a positive light, highlighting the costly lengths to which the fund went in trying to prove the allegation that the multi-level marketing company was in fact a pyramid scheme. The "Drug Short" episode of Dirty Money shine a more doubtful light on Ackman's decision to double down on the fund's Valeant investments until the forced departure of former CEO