Hedge Funds
What Valeant giveth, Valeant taketh away from Bill Ackman. Just two days after the embattled drug maker posted its biggest single-day gain, Valeant plunged on a report that federal prosecutors had opened a criminal probe into its relationship with specialty pharmacy Philidor. Ackman’s Pershing Square is Valeant’s biggest shareholder, with a 9 percent stake. Thursday’s...

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