• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
FinanceBill Ackman

Bill Ackman Asked for Information in Drug Pricing Probe

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
March 24, 2016, 9:31 PM ET
Pershing Square's Bill Ackman and Valeant Pharmaceuticals International's Michael Pearson Interview
Photographer: Scott Eells/Bloomberg via Getty ImagesPhotograph by Scott Eells — Bloomberg/Getty Images
Add Fortune on Google for similar content.

Billionaire investor Bill Ackman, whose hedge fund is one of the biggest investors in drug company Valeant, has been asked to supply information to U.S. legislators probing price hikes in the pharmaceutical industry.

Ackman told investors in his Pershing Square Capital Management on Thursday that the firm received a request on Friday from the U.S. Senate Special Committee on Aging as part of an investigation into pricing of off-patent drugs.

“As you would expect, we will fully cooperate with the committee’s requests,” Ackman wrote in the letter seen by Reuters.

The letter did not say the request was directly related to Valeant, but the Canadian company has sparked outrage among U.S. lawmakers and the public for dramatic price hikes on older drugs.

Ackman‘s letter also gave no details on what information the committee was seeking and why they asked the $12 billion hedge fund to supply it. A Pershing Square spokesman declined to comment beyond the contents of the letter.

Spokespeople for the U.S. Senate committee did not immediately respond to requests for information and Valeant declined to comment.

It was not immediately clear whether the committee has also reached out to other large Valeant shareholders, including Jeffrey Ubben’s hedge fund ValueAct Capital, which currently has two seats on the board of directors.

In February, Valeant’s interim chief executive officer testified before Congress, acknowledging that the company’s decision to raise the price for two heart medications, Isuprel and Nitropress, was too aggressive.

Ackman formally joined Valeant’s board on Monday and appeared to be taking full control of overhauling the company by promising to file a delayed annual report by the end of next month and finding a new chief executive.

Ackman‘s Pershing Square owns a 9 percent stake in Valeant (VRX) and has lost billions, on paper, as the company’s stock price tumbled some 85 percent in the last year amid questions about its pricing strategy plus its business and accounting practices.

Pershing Square began amassing its stake in Valeant at the start of 2015 and had largely stayed in the background as its investment began yielding strong returns through the summer. By August, however, Valeant’s fortunes had turned as it came under attack from politicians, short sellers who bet the stock price would fall, and most importantly the public.

This week Valeant said Michael Pearson, its long-time chief executive officer and architect of its aggressive mergers and acquisitions strategy, will leave as soon as the board finds a replacement.

Ackman told investors he dispatched two staffers to Valeant’s Bridgewater, New Jersey headquarters immediately after a disastrous earnings call on March 15 where the company cut its forecasts and said it could be close to default.

The two Pershing Square employees were there to “verify management’s revenue, earnings and cash flow guidance for 2016 and build our own financial model for the company,” Ackmanwrote. He added: “We have been given access to information and to management necessary for us to conduct due diligence and assist the company.”

The letter was attached to the firm’s annual report which said there are no plans to abandon the strategy of making concentrated bets on a small number of companies even after last year’s poor performance.

So far this year, Ackman‘s Pershing Square Holdings fund has lost 25 percent, largely because of the drop in Valeant which is down nearly 70 percent this year.

About the Author
By Reuters
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Top CD rates today, July 1, 2026: Lock in up to up to 4.40%
Personal FinanceCertificates of Deposit (CDs)
Top CD rates today, July 1, 2026: Lock in up to up to 4.40%
By Glen Luke FlanaganJuly 1, 2026
18 minutes ago
Today’s top high-yield savings rates: Up to 5.00% on July 1, 2026
Personal FinanceSavings accounts
Today’s top high-yield savings rates: Up to 5.00% on July 1, 2026
By Glen Luke FlanaganJuly 1, 2026
18 minutes ago
Photo: Rocks balancing on driftwood, sea in background.
AIMarkets
Leveraged stock bets are ‘very concentrated in the AI ecosystem,’ Goldman Sachs warns
By Jim EdwardsJuly 1, 2026
41 minutes ago
Current refi mortgage rates report for July 1, 2026
Personal FinanceReal Estate
Current refi mortgage rates report for July 1, 2026
By Glen Luke FlanaganJuly 1, 2026
3 hours ago
Current ARM mortgage rates report for July 1, 2026
Personal FinanceReal Estate
Current ARM mortgage rates report for July 1, 2026
By Glen Luke FlanaganJuly 1, 2026
3 hours ago
Mortgage rates today, July 1, 2026
Personal Financemortgages
Mortgage rates today, July 1, 2026
By Glen Luke FlanaganJuly 1, 2026
3 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
6 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
4 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
2 days ago
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
AI
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
By Catherina GioinoJune 29, 2026
2 days ago
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
Commentary
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
By Marc AndersenJune 30, 2026
23 hours ago
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
Environment
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
By Catherina GioinoJune 28, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.