Valeant Pharma (VRX) Sees 'Dead Cat Bounce' after CEO Hit with Margin Call
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November 6, 2015 1:32 PM EST
Talk on trading desks is that institutions are starting to accumulate Valeant Pharma (NYSE: VRX) today, nor just retail or short covering. This may be the first step in the recovery. Shares are up 5%.
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November 6, 2015 8:37 AM EST
NEW YORK (Reuters) - Goldman Sachs (NYSE: GS) sold 1.3 million shares of Valeant Pharmaceuticals International (NYSE: VRX) on Thursday, a day when the drug company's shares fell as much as 20 percent, because they were securing loans made to Valeant CEO Michael Pearson that needed to be paid.
Valeant said the sale was required by Goldman and had not been done at Pearson's request. Goldman declined to comment.
Valeant shares on Friday recovered some of Thursday's lost ground, gaining about 5.5 percent to $83.15. Valeant has been under... More
November 6, 2015 8:03 AM EST
Valeant Pharmaceuticals International, Inc. (NYSE: VRX) stated today that 1,297,399 shares pledged to Goldman Sachs to secure loans made to chairman and chief executive officer J. Michael Pearson were sold by Goldman Sachs on November 5, 2015. Goldman Sachs held the shares as collateral for loans extended to Pearson.
As disclosed in the company's proxy statement filed on April 22, 2014, the company's board permitted... More
