Wall Street is treating activist investors very cruelly these days.
For one thing, activists have watched as the price of one of their longtime favorite stocks, Valeant Pharmaceuticals International, plunged 25 percent in the past two weeks alone.
Jeffrey Ubben’s San Francisco–based ValueAct Capital, a shareholder for more than nine years, is Valeant’s fourth-largest shareholder, while William Ackman’s New York–based Pershing Square Capital Management, which took an initial stake of nearly 19.5
