Pershing Square said in its statement that by selling now it would “realize a large tax loss, which will<br />enable us to dedicate more time to our other portfolio companies and new investment opportunities.”<br />The move by Mr. Ackman to part ways with Valeant has similarities with Pershing<br />Square’s big investment in J. C. Penney, where he also had a board seat.<br />William Ackman Sells Pershing Fund’s Stake in Valeant -<br />By MATTHEW GOLDSTEINMARCH 13, 2017<br />William A. Ackman is bailing out of one of his hedge fund’s worst investments by selling<br />his fund’s shares in Valeant Pharmaceuticals International, a troubled drug maker.<br />But Valeant proved to be an even harsher bet for Mr. Ackman<br />and Pershing Square; it was responsible for big losses incurred by the hedge fund the last two years.<br />For months last year, Mr. Ackman said that Valeant, once a favorite of many hedge funds, would turn things around.<br />In Monday’s announcement, Mr. Ackman said that he and Stephen Fraidin, a Pershing Square vice chairman,<br />would remain on Valeant’s board until the company’s annual meeting but would not stand for re-election.<br />In Pershing Square’s statement, Mr. Ackman did not offer any reason for getting<br />out of Valeant now or explain the decision to let his firm sell its shares.
