It’s a good thing that his adoring investors are 98% behind him, because what with all of the monumental losses and unceasing geyser of bad news that is Valeant Pharmaceuticals, today’s conference call between the Pershing Square chief and his clients could have been really unpleasant.
Ackman's Pershing Square Capital Management has blocked off one hour on Wednesday morning for him and his analysts to walk investors through exactly how one of its funds lost 25 percent in the first three months of 2016, including bets on Platform Specialty Products, Herbalife and Valeant….
Overall, Ackman's investors appear to be sticking with him. Redemption requests for the first quarter totaled roughly 2 percent of the firm's roughly $12 billion in assets.
And why shouldn’t they? After all, they've got what qualifies as a certifiable triumph these days to celebrate together. So why focus on the past when the future is so not-quite-as-bleak-as-the-past?
Valeant Pharmaceuticals International Inc. on Tuesday said its internal review of how it accounted for revenue through mail-order pharmacy Philidor RX Services LLC is complete and that it didn't find any additional problems requiring restatement.