User Questions When Bill Ackman Had Access To Valeant Earnings
A series of emails sent by Bill Ackman, including two to former Valeant Pharmaceuticals Intl Inc (NYSE: VRX) CEO Michael Pearson, were posted on Twitter by @piermont_morgan on Tuesday morning. The user seems to imply Ackman was asking for and discussing non-public earnings and guidance information regarding Valeant prior to its release.
As of February 5, Ackman’s Pershing Square Capital reportedly held 21,591,122 shares of Valeant common stock and 9,120,000 shares of unexercised Valeant options.
One short email posted this morning, allegedly sent from Ackman to Pearson on March 8, reads, “I have an idea on guidance. I will. Call tomorrow.”
However, Ackman joined Valeant's board of directors effective March 8, which allowed him access to such information.
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In another email on March 10, Ackman asks for access to Valeant’s earnings presentation prior its public release.
“I think we can be very helpful to you and the company in reviewing next week’s earnings presentation and helping you prepare for the questions you will inevitably receive…You had previously agreed to run by press releases before you issue them,” the email reads.
In his tweets, @piermont_morgan suggests that Ackman was abusing access to insider information.
“Ackman email to $VRX: wants ‘next week’s EARNINGS presentation,’ & access to press releases. Trading on inside info?” one tweet reads.
The emails were released by the Senate as part of the Special Committee on Aging.
Disclosure: the author holds no position in the stocks mentioned.
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