Newspaper article The Canadian Press

Valeant Shares Fall in First Trading since Pershing Square Culled Its Holdings

Newspaper article The Canadian Press

Valeant Shares Fall in First Trading since Pershing Square Culled Its Holdings

Article excerpt

Valeant shares drop in start of new year

--

MONTREAL - Valeant Pharmaceuticals shares slipped Monday in the first trading since one of its biggest investors revealed it had sold about US$520 million worth of shares in the final days of 2015.

Pershing Square Capital Management said it sold just over five million shares -- about 15 per cent of its Valeant holdings -- to generate a tax loss for 2015 as the New York-based firm faces the biggest loss in its history.

The private hedge fund led by Bill Ackman now owns 29.1 million shares or 8.5 per cent of Valeant's stock, down from 34.1 million or 9.9 per cent, according to a U.S. regulatory filing after markets closed Thursday on the last trading day of 2015.

In Toronto, Valeant's shares (TSX:VRX) initially dropped as much as 3. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.