The $1 Billion Checkmate: Citron's Andrew Left

Andrew Left and his research firm, Citron Research, previously trashed

business, calling it the "Pharmaceutical Enron. " Following his harsh comments, it may be surprising to some investors to find out that Left is now long Valeant. Speaking as a guest during CNBCʼs "Fast Money: Halftime" segment, Left noted that while he said in the past that Valeant and its stock is "uninvestible" However, the notable short seller is now long the stock but he did buy downside protection in the form of out-of-the-money puts. Left defended his purchase of the stock by suggesting that the company's appointment of Joseph Papa as CEO is not a move done by a company that is preparing for bankruptcy. Left further suggested that Valeant's stock is unlikely to return to $60 a share. He suggested that even if the stock were to rebound to the $40 per share level, it would still represent an attractive return - at least for him. "I found an opportunity to buy a stock hated by everyone at a price I thought could be attractive," he further explained. Finally, Left said that the Valeant position is part of a pair trade in which he is simultaneously short shares of

.