Bill Ackman spoke with CNBC's Scott Wapner today regarding subpoenaed documents he received related to the Allergan lawsuit. He's claiming the documents prove VRX stock price manipulation by Allergan. Ackman quotes via Marketwatch/Twitter: "David Pyott himself authorized $AGN to release information about $VRX business he knew to be false and misleading." "attempt to manipulate $VRX stock price lower was a conscious strategy by senior most members of $AGN mgmnt team." $AGN CEO Pyott's purpose was to "manipulate $VRX stock price downward."
(Reuters) - Hedge fund manager Bill Ackman said on Thursday his lawyers have seen documents that he said show Allergan's board knowingly misled investors as part of a defensive strategy to stave off prospective buyer Valeant Pharmaceuticals International Inc. Ackman said he had not yet reviewed the documents himself, and did not give any copies of them to reporters, whom he was speaking to on the sidelines of a conference. Reuters could not independently verify his claim. Allergan representatives were not immediately available for comment. Ackman told reporters in Toronto: "We believe they put those statements out, that they knew that they were false at the time they made them, and we have found evidence to that effect, that this was a conscious takeover defense strategy to malign Valeant and the company."
And don't overlook this classic (and,as always, classy!) Ackmanian touch in a statement reported by McFarland and Marotte in the Globe and Mail, 16 Oct 2014 updated 1:08 PM EST: "Mr. Ackman also issued a threat Thursday to directors on the board of Allergan, saying their actions have been so unfair they are likely to never get selected to sit on any other public board again. 'These directors will not serve on a U.S. public company board of directors,' he warned. 'The only hope of redemption for any of them is that they wise up very, very quickly. I don't see that happening based on how they've behaved to date...I hope they get held to account...'
The whole point of Ackman's hyperventilating statements to the press are to cast doubt on the findings that will be made by the Allergan forensic accountants, after they have a go at the VRX Q3 report coming out on Monday. (And also to try to make investors forget about the lousy IPO that he had for his new Pershing Square stock earlier this week.)