Ackman's Pershing Square Extends Losses to 19% as Valeant DivesBy
Pershing Square Holdings owns more than 5% of drugmaker
Stake in Platform Specialty also declined in October
Pershing Square Holdings, the publicly traded security of Bill Ackman’s activist hedge fund, extended annual losses last month to 19 percent as investments in Valeant Pharmaceuticals International Inc. and Platform Specialty Products Corp. tumbled.
Pershing Square Holdings’s returns fell 7.3 percent in October, according to its website. Drugmaker Valeant plunged last month after short-seller Citron Research accused the company of generating fake sales using an affiliated pharmacy. Pershing Square owns more than 5 percent of the company, and added more than 2 million shares to that stake during the recent rout. Valeant has denied charges of accounting irregularities.
Platform tumbled 17.5 percent last month when Chief Executive Officer Daniel H. Leever decided to retire after clashing with its chairman.
Pershing Square Holdings, which is listed in Amsterdam, began trading in October last year and mirrors Pershing Square’s hedge fund investments, with stakes in companies including Canadian Pacific Railway Ltd. and Air Products & Chemicals Inc.
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