REUTERS/Eduardo Munoz
William Ackman, founder and CEO of hedge fund Pershing Square Capital Management, speaks at the Sohn Investment Conference in New York, May 5, 2014. Activist investor Ackman said on Monday that he recommends the shares of mortgage finance giants Fannie Mae and Freddie Mac because the companies have low liquidity risk.
Along with its second quarter earnings results this morning, Allergan announced "stockholder value enhancements," which include cutting 1,500 jobs, or approximately 13% of its current global headcount, and eliminate approximately 250 vacant positions.
Allergan is currently fending off a takeover bid from Valeant and activist investor Bill Ackman, which this morning announced that it contracted the SEC and regulatory authorities in Canada regarding, "Allergan's apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business despite Valeant's public statements correcting such information."
In addition to cutting jobs, Allergan announced that it will execute a restructuring plan that the company expects will save it approximately $475 million in 2015.
More to come ...