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> I am going to sincerely enjoy this company going supernova, and I might get just as much pleasure watching it take down a bunch of lazy and ethically-challeng
by randomname2 11y ago
> I am going to sincerely enjoy this company going supernova, and I might get just as much pleasure watching it take down a bunch of lazy and ethically-challenged fund managers as well. Valeant is going to wreck many people's careers.
Notably Ackman has a very large position. The Swiss National Bank also owns 1.3 million Valeant shares.
The similarities to Enron are uncanny, as pointed out in the research report that started this all: http://www.citronresearch.com/wp-content/uploads/2015/10/Valeant-Philador-and-RandO-final-a.pdf http://www.citronresearch.com/wp-content/uploads/2015/10/Val...
- bedhead 11y agoNormally I like Citron's work, but when it comes to Valeant he is a total clown. Like most of the delusional defenders such as Ackman, Citron focuses on the wrong things like accounting and channel stuffing (although I believe there is some channel stuffing going on, it's relatively unimportant). Trust me the guy is totally clueless, but he is certainly a useful idiot if there ever was one.
- mikeyouse 11y agoThe allegations of channel stuffing were pretty reasonable from the outside.. When Left wrote his report, it was clear that Valeant had extensive relationships with several pharmacies that weren't disclosed -- he couldn't have known that although Valeant didn't own any of them, they were rolling up their financials. His intuition was pretty spot on though, since he felt there must be something shady going on given that Valeant hadn't disclosed their relationship and it was clear they were responsible for hundreds of millions in revenue.
- deleted 11y ago[deleted]