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Valeant Loses $100 Again As Ackman Call Ends, Citron Warns "Dirtier Than Anyone Has Reported"
Having lost an estimated $1.7 billion in his Valeant 'investment' Bill Ackman's almost-four-hour press conference this morning has done nothing to save the stock after yesterday's endless-whammies. Having bounced up near $110 at the start of the call, VRX is now trading back near the after-hours lows last night, back under $100, after Citron Research warned Valeant is "dirtier than anyone has reported."
Ackman's rather lengthy call ended...
And Citron Research tweeted...
$VRX has a better chance of going to 0 than $HLF EVER will. Citron to update full story on Monday. Dirtier than anyone has reported!!
— Citron Research (@CitronResearch) October 30, 2015
Holding Valeant's share price back below $100
Ackman concluded:
- *ACKMAN: GOV'T WON'T TRY TO DESTROY VALEANT W/BIG PENALTY
- *ACKMAN: `UNLIKELY' THAT OPTIMAL PATH IS TO PROCCEED W/O PEARSON
- *ACKMAN: `NOT CURRENTLY SEEKING ANY BOARD REPRESENTATION'
- *ACKMAN: `BLACKEYE ON MANAGEMENT' THAT THEY MISSED RE PHILIDOR
- *ACKMAN: VALEANT MANAGEMENT WILL LEARN FROM PHILIDOR EXPERIENCE
- *ACKMAN ON WORST CASE: VRX HAS TO ACCEPT SOME RESPONSIBILITY
- *ACKMAN: THINKS VRX WILL REPORT GOOD RESULTS A QRTR FROM NOW
As humiliation for analysts continues...
VALEANT PHARMA CUT TO NEUTRAL VS BUY AT BTIG and one week ago pic.twitter.com/MNFxPw1qbp
— zerohedge (@zerohedge) October 30, 2015
Charts: Bloomberg
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It's dead, Bill.
And he bought 2mm additional shares above this price as its another no-brainr activist holder shit.
Citron deserves the presidential medal of freedom.
So does Andrew Left.
Bill Ackman is one of those people that are so smart, that he's actually an idiot.
He's arrogant pimple on a pustule. He obviously wouldn't recognize a weasel (Pearson) if it crawled up his ass and chewed off his balls. Which is what is happening.
I wish Icahn would take a massive short position on VRX, and then launch a CNBC-televised personality attack on Bill.
Movie makers do love a good (or bad) sequel.
Is there a stat for Jew on Jew violent beatings? FBI must have something filed under "money changers" or "Shylocks"
hoisted on one's own petard come to mind Bill?
The expression "stepped on his dick" comes to mind.
In their world the only thing worse than getting caught is forgetting to steal.
It's getting like spin-the-bottle. The whole damn works have crossed over and are nothing more than criminal enterprises through and through. It's just the luck of the draw if your corrupt scheme gets chosen as this week's 5 minutes of hate target. Bread and stock market circuses.
I can't understand all the fuss. Why does anyone give a shit? Everything gets billed to the health insurance companies anyway, who then just jack up premiums, deductibles and copayments to pass the inflated costs onto the insurees.
It has everything to do with allegedly changing the MD script to read "No generics". So the prescription gets filled with Valeant drugs which cost more for one thing. That in itlsef is illegal.
The other is the thing is the "captive phantom pharms" orchestrated by Philidor and R&O Pharmacy which is a modern day "Enron" drug fake. It looks like the demand for your drugs are still strong, so your stock goes higher and higher. That's also illegal.
Just for the record the guy at Citron (Andrew Left) suggested the same thing happend at an insurance company in 2006. The company was Fairfax. After a 3 year battle, the company's stock dropped to below $100, today it is over $600. They were found innocent. It could happen here again also, to early to say.
That's my take, apologies if I left out anything.
Why is anyone surprised that this stock crashed? According to Google Finance:
-the stock is trading at 55x earnings
-no dividend
-net profit margin is close to 0% in both Q2 and Q3 of 2015
-debt to assets is higher than 50%
-the company has $1.6B cash from operations, but it has $13.5B cash from financing
-they diluted shares by $1.4B in Q1, which means they get as much money from selling shares as they get from actually running the business
Who the fuck would buy this thing? Idiots.
now that guy is smoking some good chit mon