Mar
15
Valeant Costs Hedge Funds $3 Billion as Ackman, Paulson Hit
By-
Ackman loses $767 million, Paulson about $471 million
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Stock sinks as forecast cut, company issues debt warning
It’s another painful day for Valeant Pharmaceuticals International Inc. shareholders.
The top ten hedge fund investors in the stock lost nearly $3 billion after the drug maker fell 51 percent Tuesday, according to data compiled by Bloomberg. William Ackman’s Pershing Square Capital Management, the biggest Valeant investor among hedge funds, gave up about $767 million on the 21.6 million common shares it owns. Hedge fund firm Paulson & Co. lost $471 million on paper. The estimates assume the investors continue to own the number of shares listed in their most recent regulatory filings…
Valeant Costs Hedge Funds $3 Billion as Ackman, Paulson Hit
