With trading halted this morning for news on Valeant Pharmaceuticals near 9AM EST, that news came in strong this morning as the embattled firm announced that CEO J. Michael Pearson was stepping down, its best known investor, William Ackman of Pershing Square Management, was being installed on the board of directors, the firm acknowledged “material weaknesses” in its financial reporting and Howard Schiller, the firm’s former chief financial officer, is resisting efforts to be removed from the board of directors. With the stock beaten down from a high near $263.81 per share to a low of $26.72, sell-side analysts who…
Valeant Pharmaceuticals Intl Inc: Pearson Out, Ackman In, Stock Up
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.