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Valeant shares jump after a short-seller's new report offers no 'kill shot'
(Thomson Reuters)
Company logo of Valeant Pharmaceuticals International Inc is seen at its headquarters in Laval
Shares of Valeant rose on Monday after a short-seller's updated report offered no bombshell allegations against the Canadian pharmaceutical company.
"For those of you expecting a 'kill shot', you can stop reading here," a new report from Citron Research, the California-based short selling firm led by Andrew Left, said.
"While Citron has been at the nexus of information on this story, we will not be releasing new allegations against Valeant in this piece, as we believe that it is not our responsibility to be the judge, jury, and executioner of the company’s deeds. Yes, we have reviewed numerous data points strongly suggesting that Valeant’s operation is far 'dirtier' than just Philidor, we are passing all new information on to the mainstream media investigative reports, whose legal teams are far deeper than those at Citron."
Valeant's share price was last up $7.23, or 7.7%, at $101 per share.
On Friday at 11:45 a.m. ET, while hedge fund manager Bill Ackman was hosting a four-hour conference call defending his position in Valeant, Citron tweeted that it's updated report would have more dirt.
"$VRX has a better chance of going to 0 than $HLF ever will," Citron tweeted, adding that the story was "dirtier than anyone has reported!!"
That isn't the case anymore. Citron Research said that it's work on Valeant is done. Citron also said that it thinks the company's stock price will trade at much lower levels than the current price.
Shares of Valeant have cratered more than 40% since Citron published its report nearly two weeks ago suggesting Valeant may be operating as an Enron-like fraud.
Valeant has denied Citron's allegations. The company has also had its outside counsel meet with SEC to request that they investigate Citron.
Here's a chart of today's price movement:
(Google Finance)
And here's a chart since the Citron report came out on Oct. 21:
(Google Finance)
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