Valeant deepens losses as Jim Chanos reiterates short
Shares of Valeant Pharmaceuticals International Inc. sank further on Wednesday after famed short seller Jim Chanos reiterated his short bet on the beleaguered pharmaceutical company. Chanos said the company's debt burden is not sustainable and expressed doubts over its cashflow during an interview with CNBC on the sidelines of the Sohn Investment Conference in New York. He also believes investors who are optimistic about Valeant are relying on metrics that are as faulty as its accounting. Chanos had originally revealed his short call on Valeant last year. Valeant's losses deepened, falling more than 4% to $34.26 after Chanos's comments. The stock has plunged 31% this year, following a 29% decline in 2015.
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