Ackman, in email, says supports Valeant CEO Pearson

BOSTON (Reuters) - Billionaire investor William Ackman on Thursday told Valeant Pharmaceuticals International Inc's (NYSE: VRX)(NYSE: VRX) chief executive that he supports him and praised management and the board of directors for considering "any and all alternatives" that would benefit shareholders.

In a letter sent from Ackman's email account to CEO Michael Pearson, with the subject line reading "You", Ackman said, "We share the board's confidence in you and your leadership." The email was seen by Reuters.

Valeant's share price cratered about 20 percent on Thursday, added to losses incurred by Ackman's Pershing Square Capital Management, a $14.5 billion hedge fund that is the drugmaker's second biggest investor.

(Reporting Svea Herbst-Bayliss; Editing by Jeffrey Benkoe)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Ackman adds Netflix, Visa and Mastercard in portfolio revamp
• Peru's economic growth slows to 1.75% in June
• Nvidia in talks to invest $3 billion in SB Energy as part of OpenAI data center deal, the Information reports