Valeant stock suffers worst-ever day as activist Bill Ackman pledges proactive role

Valeant stock suffers worst-ever day as activist Bill Ackman pledges proactive role


Activist investor Bill Ackman said Tuesday his Pershing Square Holdings Ltd. hedge fund would take a "much more proactive role" in protecting its losing investment in Valeant Pharmaceuticals International Inc., after a grim outlook and fears of a possible default sent that stock sharply lower. closed down 51% at $33.51, marking their worst-ever one-day performance, after the company slashed earnings and sales guidance and said it may breach loan covenants if it fails to produce an already delayed annual report by April.



from Biotech News