Former Valeant CEO Michael Pearson unloaded more of his personal holdings nearly 5 million shares and options for a total of $96.8 million. The news comes the same day that the Sequoia Fund revealed it is completely out of the stock. Sequoia was at one time the largest Valeant shareholder.
Wednesday also saw short seller Andrew Left say the company's stockcould be headed to zero [ $23/Share and was $264 at its high]. That news took more than 7 percent out of its shares.
The company came under fire when The New York Times reported that Valeant and other pharmaceutical companies were using a network of specialty pharmacies to sustain sales of their high-priced drugs and prevent patients and insurers from switching to cheaper generic drugs. Citron Research subsequently published a note calling Valeant the "pharmaceutical Enron."
Social Security annual increase for inflation was zero, yet medications' prices doubles every three years...... Just a thought.
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