Shares of Valeant VRX -51.46% , one of the industry’s most widely-owned stocks, tumbled more than 50% on Tuesday to about $33 after saying it risked defaulting on its $30 billion debt.
Absolutely delighted to see this horrible company get destroyed. And Bill Ackman along with it? A cherry on top.
A company that was based around predatory pricing of drugs, charging (just one example) anywhere between $200 and $2,500 for a tube of Zovirax… yes, the self same drug that you can buy in your local Irish pharmacy for a tenner.
Valeant was lauded by the usual financial lemmings (as above) and worshipped by duplicitous hedge fund guys like Ackman and Paulson.
If there’s any justice, then zero will be too high a price for it.