NEW YORK, March 8 (Reuters) - Billionaire investor Bill
Ackman on Tuesday called embattled drug company Valeant a "very
valuable asset" but forecast that if the company's situation
does not stabilize soon new management will be brought in or the
company will be sold.
"It will be a messy fourth quarter and a messy first quarter
but after that things should stabilize," Ackman, whose Pershing
Square (NYSE:SQ) Capital Management is Valeant's third largest owner said
at the Harbor Investment Conference. If things continue to be
volatile, he predicted that current management would be replaced
or the company would be sold.
Valeant's share price has tumbled 68 percent since Ackman
first bought the stock a year ago. Recently the company said it
would have to restate earnings, delayed an earnings call and saw
its chief executive return unexpectedly from a long sick leave.