Yes, he merely trimmed his position, see. It’s summertime and M. Pearson’s yatch is ready and he needs to stock it with some caviar and champagne. That stuff is expensive. The sale was for personal reasons and he still owns some. Yeah, don’t worry, see.
Valeant issued this statement, discussing this matter and more.
The co commented on recent stock transactions made by Valeant’s former chief executive officer, J. Michael Pearson. The Company understands that Mr. Pearson exercised and sold options representing approximately 4.4 million shares, which would expire within the next 12 months, and sold approximately 411,000 shares of common stock in June and July to satisfy tax obligations with respect to the 2015 margin sale conducted by Goldman Sachs, and for additional liquidity. Mr. Pearson remains a significant Valeant shareholder with more than 3.5 million shares and is required to hold 1 million shares for two years following employment termination.
“I continue to believe in Valeant, Joe and the rest of the management team,” stated J. Michael Pearson. “While I trimmed my ownership position for personal reasons, I plan on holding my remaining shares until the company recovers and returns to being traded on fundamentals.”
“Mike’s personal stock transactions are not a reflection of the ongoing viability of Valeant,” stated Joseph C. Papa, chairman and chief executive officer. “I joined Valeant in May because of the opportunity to lead a company with a highly diversified portfolio of leading global brands, a durable consumer franchise, and a strong new product pipeline. While I knew there would be challenges, I am confident that we are taking the right steps to stabilize the company and deliver stakeholder value to patients, prescribers and shareholders.
Next week, the hard work of our R&D team will result in three significant regulatory events related to brodalumab, latanoprostene bunod and Relistor Oral….Furthermore, I look forward to updating our investors on the progress we are making and outlining my vision for the future when we report second quarter earnings next month. As a Valeant shareholder, I continue to believe that we will succeed in realizing this company’s exceptional potential and remain confident that our future will be bright.”
The stock is up 1.7% in the pre market.
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Keep paying these incompetent shitheels nine figures and then wonder why the proletarait is sharpening their guillotines in the dark alleys
His preference is actually Krispy Kremes and Quik Strawberry milk. Indeed.