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Ackman to Host Conference Call Concerning Valeant Stake

New York (HedgeCo.net) – With one of his largest stakes suffering through an incredible decline over the last three months, Pershing Square Capital’s Bill Ackman will host a conference call for investors this Friday morning.

Valeant is Pershing Square’s largest stock holding and the Canadian drug company has come under tremendous selling pressure since the end of July, with the stock falling over 57 percent. The selling started with drug companies as a whole having their pricing policies questioned. Since Valeant is known more for buying companies and then re-pricing the drugs rather than developing drugs of their own.

The selling in the stock accelerated last week when Citron Research, a California-based firm that specializes in short selling, issued a report that called the company out as being the biggest fraud since Enron.Pershing Square was one of the top performing hedge funds in 2014 when it gained 40.4%, but through mid-October the fund is down 11.2% in 2015. Valeant’s fall has been a big reason for Pershing Square’s disappointing performance.

The conference call is scheduled for 9:00 AM ET on Friday and it will include Ackman and other analysts from Pershing Square taking questions about the company.

Rick Pendergraft
Research Analyst
HedgeCoVest

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