This is easily the biggest story of 2016. The once mighty VRX, with its hefty market cap and pernicious business model, has fallen. The men who supported its heft and insidious schemes have been given a Viking Funeral. Their ashes have been strewn across Wall Street for others to take notice and to fear the deleterious effects of unbridled hubris.
Faber sums up the quarterly disaster and Cramer offers his insight into this unbelievable story.
Shares of Valeant are down $29, or 41% for the day–down from an all-time high of $259.
It’s worth mentioning, Andrew Left from Citron Research warned everyone of this eventuality many month’s before everyone else. Major props goes out to him and his staff.
This was forwarded to me from @Lance0333 on Twitter.
Allergan’s case against accepting Valeant’s takeover bid.
I bet Bill or a friend, shorted it and he’s about to be richer. Except he’s smarter than the other Martin tool. He didn’t tweet it or say anything incriminating. Just quietly shorted and closed. Bought a new car. He didn’t get rich by being super trooper stupid.