After internal review, management at VRX have discovered they’ve been completely full of shit. An earnings and revenue restatement are forthcoming, which might open the door to regulatory concerns. As such and is presently the case, the stock is careening lower to the tune of 8%.
Based on recent regulatory filings, Bill Ackman’s Pershing Square owns about 9% of Valeant Pharmaceuticals. With the stock down 8% in after hours, Broadway Bill Ackman is down a total $350 million today alone–$140 million in the after hours.
My question to the SEC is: who leaked this news throughout the trading day? Surely a company of this size and liquidity should not dive lower by 10% without news. Someone was trading on insider knowledge.
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Not to worry. As we’ve seen on Billions, the trusty SEC will pore through reams of trades in order to find the one trade they could prove insider trading on, including by driving from New York to Iowa to interview a farmer.
Wouldn’t be the first time Ackman traded on non public info
More like Perishing Square…
…I’ll see myself out.
Assuming he wasn’t the one selling today, of course…
What difference does it make?
The SEC is useless and just another political crap hole.
Still waiting to hear about Corzine, and waiting, and waiting, and waiting.
The SEC athletic conference has more credibility.
wow, I lower my price target to $20
Originally, the SEC was created to police the excesses of Wall Street. Today, their mission is to “facilitate capital formation”. That’s all you need to know about this egregious waste of Federal tax dollars.