Valeant Hits a Two-Year Low After Ackman's Presentation
- Ackman Says Stock Will Rebound and Climb to $448 by 2019
- Valeant Stock Price Slides to Under $100 as Ackman Speaks
Does Ackman's Valeant Call Tarnish His Reputation?
Valeant Pharmaceuticals International Inc. tumbled to a two-year low, closing out its worst month ever, after billionaire shareholder William Ackman failed to persuade investors the stock was undervalued and short-seller Citron Research hinted at fresh allegations of wrongdoing.
With new questions surfacing about the drug company’s business practices, Ackman, the chief executive of Pershing Square Capital Management, offered a full-throated, and at times rambling, defense of Valeant, saying its stock would bounce back and eventually soar to new heights. His prediction: $448 by 2019. The stock hit $103.84 before a tweet by Citron Research at 11:25 a.m. Friday sent it tumbling to $93.77 at the close, a 16 percent drop for the day.