Things have gone from bad to worse at the embattled drug-scam company, now under SEC investigation. I would expect nothing less from a Canadian based company, home of the Blacked Berry and Nortel Network.
Their statement goes as follows:
In response to media inquiries, Valeant confirmed that it has several ongoing investigations, including investigations by the US Attorney’s Offices for Massachusetts and the Southern District of New York, the SEC, and Congress. With respect to the SEC investigation the Company confirmed that it received a subpoena from the SEC in the fourth quarter of 2015 and, in the normal course, would have included this disclosure in its 2015 10-K. We do not have further detail to provide at this time
In other words, they’re fucked.
Speaking of which, no word on how this affects Cowboy Bill Ackman’s year to date boondoggle. Word around the street is that its been quite onerous, on numerous fronts.
Aside from Broadway Bill, Valuact, Sequoia and Paulson are fervent and zestful bagholders of the Michael Pearson’s playhouse of smoke and mirrors.
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not interested here at $66 tho…
And don’t forget Bre-X, what was a major Canadian gold mining company in the 1990’s which turned out to be a fraud (didn’t help when the geologist jumped out of a helicopter).
https://en.wikipedia.org/wiki/Bre-X
Ouch…what a way to go.
Do these hedge funds not do any of their own research?
BILL, BILL, BILL Ackman you must never fall in Love with a Stock. FWIW at this point in the market there is only one thing that scares this Bear, that is Draghi. Yes, though if he even tries something big and fails his political career is over and Brexit could actually pass. HE could still TRY, I just don’t trust him…he could go all crazy on March 10? Besides him, it is Still My Fav Year.
jumped – what about the foot print on his back.. Barrick and just about everyone was trying to get at Bre-x before they new the assays were salted. Just check out who was on the Barrick board at that time.
And no one was ever charged. (Sort of. The one guy who was charged with insider trading got off.) Bre-X was a scam more blatant than Enron, and as bad as we have it down here, and as much as they’ve tried to fix things up there, I’ll trust the barely-functioning underfunded SEC over the less-functional even more underfunded OSC any day.