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UPDATE 1-Citron's Left discloses short position in Mallinckrodt

Published 2015-11-10, 03:25 p/m
© Reuters. UPDATE 1-Citron's Left discloses short position in Mallinckrodt
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(Adds Mallinckrodt (N:MNK) response; updates shares)
Nov 10 (Reuters) - Influential short-seller Citron
Research's Andrew Left, who accused Mallinckrodt Plc MNK.N of
being an offender of the reimbursement system, told CNBC on
Tuesday that he has a short position on the company's stock.
Mallinckrodt's stock plunged 26 percent on Monday after
Left's tweet on the drugmaker. urn:newsml:reuters.com:*:nL3N1345LP
However, the stock recovered on Tuesday and were up 8.11
percent at $62.71 in late afternoon trading as Left did not lay
out specific accusations against the company.
Left, in the interview to CNBC, accused Mallinckrodt's Chief
Executive Mark Trudeau of misrepresenting the efficacy of the
drugmaker's biggest product, Acthar.
Acthar, which has been in the U.S. market for the past 65
years, accounted for about 28 percent of Mallinckrodt's latest
quarterly revenue of $965.1 million.
Mallinckrodt gained rights to Acthar Gel through its
acquisition of Questcor Pharmaceuticals Inc for about $5.6
billion in 2014.
Trudeau called the short-seller's accusations "completely
false" in an interview with CNBC.
Citron published a scathing report on Valeant
Pharmaceuticals International Inc VRX.TO VRX.N late October,
accusing the Canadian drugmaker of using specialty pharmacies to
inflate revenue. Shares plunged 40 percent on the day.
"My short on Valeant has been significantly scaled down from
where it was earlier," Left told CNBC on Tuesday.

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