Valeant To Open At 8 Year Lows After Ackman Exits With $4 Billion Loss

Pershing Square's Bill Ackman once predicted Valeant would be the next Berkshire Hathaway, saying its shares could hit $330 took a roughly $4 billion loss on the embattled drugmaker as he reported his complete exit overnight.

As we detailed previously, the sale ends Mr. Ackman’s quest to rescue the worst bet of his investing career. As WSJ reports, Valeant, once beloved by investors for its strategy of buying smaller rivals and boosting their drugs’ prices, has lost more than 95% of its value in less than two years following questions about its accounting and business practices.

With the stock down over 10% since the announcement, it is now trading at its lowest since May 2009...

 

Ackman leaves behind plenty of bullish analysts though...

How long before they capitulate?