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|Subject: Ackman Sells Valeant Stake After at Least $2.8 Billion Loss Tue Mar 14, 2017 2:29 am|| |
|Bill Ackman has finally conceded defeat on Valeant Pharmaceuticals International Inc.|
After waging a costly and outspoken public defense of the controversial drugmaker, its once-biggest champion sold his entire stake in the company at a loss and said he will leave the board.
Precise figures are hard to come by, but public filings suggest that Ackmanís Pershing Square Capital Management may have lost $2.8 billion just on the Valeant shares it owned at the end of 2016, with overall losses likely to be much higher. The shares have plunged more than 90 percent from their peak.
Billionaire Ackmanís big, concentrated bets and brash personality have made him one of the most polarizing names in investing. His decision to give up on Valeant, a favorite among hedge-fund types before probes into its business practices, accounting and drug pricing caused a collapse in the shares, comes after a lengthy campaign to turn around the company and salvage his investment.
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