Hedge fund billionaire David Tepper has purchased shares of Valeant Pharmaceuticals in the first quarter while also selling a large number of Apple shares, according to a filing with the SEC.
Tepper’s fund Appaloosa purchased 945,000 shares of the troubled pharmaceutical company worth $24.8 million.
While the investment is relatively small considering the fact that Appaloosa has around $18 billion in assets under management, it comes at a time when Valeant is facing scrutiny from investors, the US Senate and many state governments.
Tepper now becomes another hedge fund giant involved in the stock, most notably joining Pershing Square’s Bill Ackman who has maintained a very large position in the company for some time and recently has been named to Valeant’s board of directors.
Additionally, Tepper sold off his investment in Apple as the company’s shares have sunk.
More to come…