Apr
27
As Valeant Tumbles, So Does Bill Ackman’s Hedge Fund Herd
By
William A. Ackman, founder and chief executive of Pershing Square Capital Management. CreditAxel Dupeux/Redux
The billionaire investor William A. Ackman has become the unofficial leader of a thundering herd that has lost billions of dollars betting on Valeant Pharmaceuticals over the past year.
The 49-year-old founder of Pershing Square Capital Management, the $12.5 billion hedge fund, found himself going to bat again for Valeant on Wednesday when he testified before Congress about Valeant’s controversial drug pricing policies, which have included inflating the prices of vital heart medicines right before learning that generic equivalents were coming to the market…
As Valeant Tumbles, So Does Bill Ackman’s Hedge Fund Herd
