Like the Pershing Square chief, the Kynikos Associates founder is long Botox. The similarities end there.

Short-seller James Chanos said he’s betting against shares of Valeant Pharmaceuticals Inc. amid its unsolicited $46 billion bid for Allergan Inc., saying the company is “playing aggressive accounting games….”

“They seem to be negotiating against themselves, don’t they?” Mr. Chanos, founder of hedge fund Kynikos Associates, said Thursday in an interview on CNBC….

“Roll-ups present a unique set of problems,” he said. “Roll-ups are usually accounting-driven, and we certainly think that’s the case in Valeant. We think Valeant is playing aggressive accounting games when they buy companies and write down the assets….”

“The only people more negative about Valeant maybe more than me are Valeant insiders,” he said, noting a number of senior executives have left the company over the past 15 months and that there has been “a lot of insider selling.”

Why James Chanos Is Short Valeant, Long Allergan [WSJ MoneyBeat blog]
Short-Seller Chanos Turns Attention to Valeant [DealBook]
Earlier: Hosts At Marea May Want To Keep Barry Rosenstein, Jeff Ubben Away From Bill Ackman’s Table

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