Embattled Canadian drug company Valeant Pharmaceuticals is ousting its CEO Michael Pearson. The current CEO will remain until a successor is named. Activist investor Bill Ackman is joining the board to help find Pearson's replacement....
Billionaire activist investor Bill Ackman, the CEO of $13 billion Pershing Square Capital, is hosting a webcast on Herbalife, his infamous short position. The webcast features a video called "The American Dream Denied: Herbalife Victims Speak Out". "Herbalife claims it cleaned up its act after we exposed its fraudulent business model," Pershing Square said on the webpage...
Reuters/ Jack Cusano Hedge fund titan Bill Ackman's Pershing Square Holdings, the fund's publicly traded vehicle, has fallen 11.4% in 2016, according to a performance update. That performance is through January 12. Pershing Square had its worst year in its history last year, falling 20.5%. Ackman, a well-known activist investor, makes large bets in a handful companies. His largest holdings ...
On Thursday, Third Avenue Management's CEO David Barse wrote to the fund's shareholders that the firm was shuttering its embattled Focused Credit Fund. The letter said the fund plans to liquidate the high yield bond fund on December 16. It also noted that it would not allow further investor redemptions...
Elliott Management, the $27 billion hedge fund let by Paul Singer, has taken a large stake in aluminum maker Alcoa...
Shares of SolarCity climbed more than 6% in the premarket on news that private equity giant Silver Lake Partners will announce a large, new investment in the solar power company later today. Dealbook's Michael J. de la Merced reports that Silver Lake Kraftwerk, the private equity firm's clean energy investment arm, will announce a $100 million investment in SolarCity's convertible notes on Wednesday...
His tweets send share prices plummeting, his TV interviews keep Wall Streeters glued to their screens, and his research reports worry his mother...
Hedge fund manager Whitney Tilson sent around an e-mail yesterday that captures what activist investor Bill Ackman is going through with his massive money-losing investment in Valeant Pharmaceuticals. Here's his take (emphasis is ours): "Every investor should analyze this case study to learn from Ackman’s experience, as every last one of us has had (and will have) to deal with a major ...
Billionaire activist investor Bill Ackman, founder of Pershing Square Capital, is hosting a conference call for investors to discuss his fund's large investment in Valeant Pharmaceuticals. Ackman began the call by saying that they've had more participants than expected. He said the reason they're holding the call is for transparency. He then went into a broad overview of the company and its ...
Sequoia Fund, the large mutual fund managed by Robert Goldfarb and David Poppe, has posted a letter on the homepage of its website defending its massive investment in Valeant Pharmaceuticals. Shares of the Canadian drug company have collapsed since last Wednesday. That is when Citron Research, the short-selling firm run by Andrew Left, published a report asking whether Valeant was operating an Enron-like fraud. Valeant's share price has declined by more than 40% since the report came out...
Billionaire activist investor Bill Ackman, the founder of Pershing Square Capital, is hosting a conference call for investors on Friday morning to discuss his fund's investment in Valeant Pharmaceuticals. The call will take place at 9 a.m. ET. Ackman and other Pershing Square portfolio managers and analysts will take questions. Since taking a position earlier this year, Pershing Square has ...
It is not Bill Ackman's week. Another one of the hedge fund titan's big stock holdings is taking a hit. Platform Specialty Products fell 9.8% to about $10.40 per share after the company said that its CEO Dan Leever will retire...
Canadian pharmaceutical company Valeant is hosting a conference call on Monday to address allegations made by a short-selling research firm. The participants on the call include CEO Michael Pearson, general counsel Robert Chai-Onn, CFO Rober Rosiello, and a number of board members and risk committee members. 10 Valeant executives will be on the call in total...
Hedge fund manager Bill Ackman has potentially lost close to $2 billion on paper on his hedge fund's largest stock holding. Canadian drug company Valeant Pharmaceuticals is getting hammered after short-selling firm Citron Research published a report comparing it to Enron. Valeant's share price was last trading down 30% at about $102. The stock had fallen as low as $98.35...
Pershing Square Capital, the $20 billion fund run by activist investor Bill Ackman, got crushed in September. The fund fell 12.5% during the month. It's now down 12.6% for the first nine months of this year, according to a performance update. Ackman's returns were largely dragged down by the fund's large stake in Valeant Pharmaceuticals...
Activist investor Bill Ackman's biggest stock holding is getting demolished. Shares of Valeant Pharmaceuticals plummeted on Monday after Democrats on the House Oversight and Government Reform Committee sent a letter to the committee's chairman, Jason Chaffetz (R-UT), asking him to subpoena the pharmaceutical company for documents related to price increases of acquired drugs, Bloomberg ...
Billionaire activist investor Bill Ackman, the founder of $19 billion Pershing Square, said it's "very likely" that he will do another deal similar to the controversial sale of Allergan in 2014. "What we did in Allergan was we called the question and allowed shareholders to decide what they wanted to do with the future of their business. And I think that there are acquirers who would like to ...
Pershing Square Holdings, the $7.4 billion publicly-traded vehicle led by Bill Ackman, has erased all of its gains in a matter of weeks and is now down for the year. Ackman said in an investor update : "However there has been significant volatility in the investment markets over the past few weeks, largely driven by the decline of the Chinese stock markets, and the fear that slowing growth in ...
Famed short-seller Jim Chanos is betting against SolarCity, the solar power company cofounded by Elon Musk...
Hedge fund manager Daniel Loeb, the founder of Third Point LLC, has hit back at the those taking aim at activist investing. Loeb, one of the most prominent activist investors of his generation, defended the strategy in his second quarter letter to investors. The strategy has generated bumper returns for investors over the years, but has recently faced criticism from the likes of Blackrock chief executive Larry Fink and Democratic presidential candidate Hillary Clinton...
Billionaire hedge fund manager Leon Cooperman, the founder of $10 billion Omega Advisors, is super bullish on Google and its new CFO. The 72-year-old investor said in his fund's second-quarter letter that he snapped up a position in the tech giant in mid-April. He bought in when Google was trading at $602 per share. They're currently trading above $655, which represents a return of almost 9% in a little over three months...
Activist titans Nelson Peltz of Trian Fund Management and Bill Ackman of Pershing Square weighed in on how to fix McDonald's. The largest global fast-food chain has struggled in recent years, especially in the US. At the CNBC/Institutional Investor Delivering Alpha Conference, "Mad Money" host Jim Cramer asked the two hedge fund billionaires if they could fix McDonald's...
Starboard Value's Jeff Smith recommended Macy's at the CNBC/Institutional Investor's Delivering Alpha Conference at the Pierre Hotel in New York City. This is the first time the activist investor is disclosing the position. The stock jumped more than 4.8% after Smith announced the position. Smith thinks Macy's is undervalued. He pointed out that the retailer's stock currently trades around $66 per share. Smith thinks it's worth in excess of $125 per share...
Activist investor Bill Ackman, the CEO of $18 billion Pershing Square Capital Management, said the most interesting investment in his portfolio right now are mortgage originators Fannie Mae and Freddie Mac. The 49-year-old activist investor was on a panel his friend and fellow activist investor Nelson Peltz, the CEO of Trian Fund Management at the CNBC/Institutional Investor Delivering Alpha Conference at the Pierre Hotel in New York...
