Emails Suggest Bill Ackman Had Access To Valeant Guidance And Earnings Presentations Before They Went Public

A series of emails allegedly sent by Bill Ackman, including two to former Valeant Pharmaceuticals Intl Inc VRX CEO Michael Pearson, were posted on Twitter by @piermont_morgan on Tuesday morning. The emails seem to show Ackman asking for and discussing non-public earnings and guidance information regarding Valeant prior to its release.

As of February 5, Ackman’s Pershing Square Capital reportedly held 21,591,122 shares of Valeant common stock and 9,120,000 shares of unexercised Valeant options.

One short email posted this morning, allegedly sent from Ackman to Pearson on March 8, reads, “I have an idea on guidance. I will. Call tomorrow.”

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In another email, allegedly from Ackman to Pearson on March 10, Ackman asks for access to Valeant’s earnings presentation prior its public release.

“I think we can be very helpful to you and the company in reviewing next week’s earnings presentation and helping you prepare for the questions you will inevitably receive…You had previously agreed to run by press releases before you issue them,” the email reads.



In his tweets, the poster @piermont_morgan suggests that Ackman, who is now a board member at Valeant, was abusing access to insider information.

“Ackman email to $VRX: wants ‘next week’s EARNINGS presentation,’ & access to press releases. Trading on inside info?” one tweet reads.

A spokesperson for Pershing Square was not immediately available for comment.

Disclosure: the author holds no position in the stocks mentioned.