Ackman Gets More Involved at Valeant After $764 Million Loss
- Drugmaker's shares drop as much as 51 percent on Tuesday
- Investor has board seat, says will take `more proactive role'
Valeant Call Causes Investor Concern on Ebitda Correction
This article is for subscribers only.
Billionaire investor Bill Ackman’s Pershing Square Capital Management LP said it will take a much larger role at Valeant Pharmaceuticals International Inc., after in a single day losing about $764 million on the common shares it owns, following the drugmaker’s as much as 51 percent stock drop Tuesday.
“We are going to take a much more proactive role at the company to protect and maximize the value of our investment,” Ackman said in a letter Tuesday. Pershing owns 6.3 percent of Valeant shares, according to data compiled by Bloomberg. He said that investors have lost “total confidence in the company,” contributing to the stock drop.