Valeant Plunges Most Ever on Forecast Cut, Warning Over Debt
- Ackman, Paulson lose millions as shares drop 51 percent
- Analysts question Pearson's leadership, company credibility
Valeant Call Causes Investor Concern on Ebitda Correction
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Valeant Pharmaceuticals International Inc. shares plunged Tuesday in their worst day ever, falling 51 percent after the company cut its 2016 forecast, reported a weak fourth quarter and said it risked breaching some of its debt agreements if it can’t file its annual report in time.
During a two-hour call with analysts, Chief Executive Officer Mike Pearson was questioned about why he was the right man to lead the drugmaker. Adding to the company’s problems, during the call it corrected its press release issued hours before, saying that one measure of earnings would actually be lower than it had stated.