Ackman Increases Shares in Valeant to 9.9 Percent

Amid controversy over pricing and business practices swirling around Valeant Pharmaceuticals, William Ackman, CEO of Pershing Square Capital Management, has increased the hedge fund management company’s stake in the drugmaker from 5.7 percent of its outstanding shares to 9.9 percent.

The news came a week after a federal judge denied Valeant’s motion to dismiss an insider trader lawsuit filed by shareholders against the drugmaker and Ackman, accusing them of failing to provide legally required information in the company’s unsuccessful $51 billion bid for Allergan in April 2014.