William Ackman’s Pershing Square Capital Management gave up $321 million on the common stock it owns [on Monday]...Valeant tumbled after the company withdrew a financial forecast, delayed the release of fourth-quarter results and confirmed a previously undisclosed probe by the U.S. Securities and Exchange Commission that came to light after media inquiries. Valeant, which has been under scrutiny for its soaring drug prices, accounting and distribution practices, is down roughly 75 percent since its August peak and 35 percent in 2016 through Monday. Shares fell 5 percent to $62.49 at 12:07 p.m. in New York on Tuesday.
Bill Ackman Doesn't Think Valeant's Awesomeness Has Been Adequately Conveyed
There's simply no other way to explain what's happening there.