Ackman Welcomes SEC Probe As IRS Targets Valeant

Bill Ackman welcomes a Securities and Exchange investigation into Pershing Square Capital Management LP and its involvement with Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX) in the hostile takeover bid of Allergan, Inc. (NYSE:AGN).

Ackmanstands by his action

Ackman says there was nothing wrong with the tactics and stands by his actions.

“There is nothing illegal, unethical, or improper in taking a toehold position before a merger is proposed, even if it is not wanted by the target’s management,” a Pershing statement said, quoted on Bloomberg....