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Subject:  Re: VRX - Some notes from recent news Date:  3/18/2016  3:04 PM
Author:  NajdorfSicilian Number:  24034 of 26255

And then of course all these criticisms that Left was making turn out to be true, in fact it's even a fair bit worse

Not remotely true. The stock has done worse than his initial downside target, if that's what you mean.

He called them a 'pharmaceutical Enron,' i.e. a total fraud. Enron's whole balance sheet, earnings, and cash flows were fraudulent.

No one has even suggested VRX' balance sheet is wrong, just overleveraged. Earnings were adjusted forward by $58m, a revenue-recognition timing issue that is not unfamiliar in many industries.

Future cash flows are the entirety of the issue at this point.

More to come.
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