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  "documentTitle": "Valeant Pharmaceuticals International (VRX)",
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  "authorName": "William Ackman",
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  "presentationDate": "2015-10-30 00:00:00",
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  "notes": "The slide uses a structured list format to contrast Valeant's stated answers against the underlying unresolved questions.",
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      "text": "On its October 26th conference call, Valeant management answered many important questions and disproved alleged accounting fraud, but did not adequately answer three important questions",
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      "text": "1. Why did Valeant not provide more disclosure about Philidor? 2. Why did Valeant structure the Philidor option with a $100mm premium and $0 strike price? 3. Did Philidor violate laws and regulations in the operation of its specialty pharmacy?",
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      "text": "“We have viewed our relationship with Philidor and our other specialty pharmacies as proprietary and as one of our competitive advantages” — Valeant Q3 2015 earnings presentation. “Philidor was not specifically mentioned in our disclosures because it had not been material to the consolidated financial statements.” — Valeant investor conference call. “Ultimately we determined that the structured option acquisition with the oversight rights we negotiated provided the security we were looking for and preserved the flexibility to acquire in the future a new growth platform.” — Valeant investor conference call. “The rationale to acquire the option was to keep Philidor focused on Valeant's business and to ensure continued strong customer service. The option also gave Valeant a level of contractual influence to benefit our business while providing an option on long-term ownership.” — Valeant investor conference call.",
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      "text": "(1): Valeant Q3 2015 earnings presentation. October 19, 2015. (2): Valeant investor conference call. October 26, 2015.",
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      "text": "Despite Improved Disclosure, Questions Remain",
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