Valeant (VRX) Legal Woes Will Continue to Weigh on Stock, Including Movement in Insider Trading Suit - Wells Fargo's Maris
- AT&T (T) Agrees to Acquire Time Warner (TWX) for More than $80 Billion - WSJ
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Wells Fargo analyst David Maris weighed in on Valeant Pharmaceuticals (NYSE: VRX), saying they continue to believe the Street is underestimating the potential downside from Valeant's many faceted legal woes.
Maris recalls there is a suit from T. Rowe Price and a separate class action suit with TIAA-CREF as the lead plaintiff, as well as investigations from the SEC, Southern District Court of NY, and IRS, among others.
"We are watching them all and have a particular interest in the insider trading suit filed against Valeant and Pershing Square related to their failed joint takeover attempt of Allergan," he commented. "Recently (9/23) we saw some action in this case, with the plaintiffs winning what is considered to be a key motion."
The analyst maintained an Underperform rating and valuation range of $17-$22.
Shares of Valeant Pharmaceuticals closed at $24.55 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Valeant's (VRX) Weak Business Could Force it to Refinance Debt - Wells Fargo's Maris
- Valeant (VRX) Wellbutrin XL Pricing Strategy is Unsustainable - Wells Fargo's Maris
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Create E-mail Alert Related CategoriesAnalyst Comments, Hedge Funds, Hot Comments, Short Sales, Trader Talk
Related EntitiesWilliam Ackman, Pershing Square Capital, Wells Fargo, David Maris
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!