Hedge fund mogul William Ackman told his investors on Friday that he was confident in his bet on Valeant Pharmaceuticals, but faulted the company for a weak response to a short-seller's allegations it is improperly inflating revenues.
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He said during a teleconference that Valeant had made a "meaningful mistake" of underinvesting in its public relations, offering only a curt denial of short-seller Citron's claims this month it used phantom sales to boost its bottom line.
Ackman's Pershing Square Capital Management hedge fund is one of Valeant's top investors, and has taken a big hit due to Valeant's falling share price.
(Reporting by Svea Herbst-Bayliss; Editing by Richard Valdmanis)