‘I profoundly apologize’: Ackman

Bill Ackman has finally apologized for his disastrous investment in Valeant Pharmaceuticals.

“While I and the rest of the Pershing Square team have suffered significant losses from this failed investment … it is much more painful to lose our shareholders’ money, and for this I deeply and profoundly apologize,” Ackman wrote in his annual letter to investors.

In previous communications with investors, the silver-haired hedgie had said he was “unhappy” with his invest- ment in Valeant, calling it a “costly mistake” last January, but he had not apologized for the nearly $4 billion loss.

Ackman built up a 5.7 percent stake in the scandal-ridden Canadian drugmaker in March 2015, at an average price of $196 a share. He continued buying until he owned nearly 10 percent of the company that November, just as Valeant’s fortunes turned south amid allegations of accounting fraud and price gouging.

When Ackman finally cried uncle this month, Valeant’s share price was $11.

“In retrospect, we misjudged [Valeant’s] prior management team, and this contrib- uted to our loss,” Ackman wrote.

That team was led by former Valeant Chief Executive Michael Pearson, who was ousted last April. This week Pearson sued Valeant for not paying him 3 million shares of stock he says were owed to him under his separation agreement.

“We deeply regret this mistake, which has cost all of us a tremendous amount, and which has damaged the record of success of our firm,” Ackman wrote.

Pershing Square is down 2.5 percent through March 28. The fund lost 13.5 percent in 2016 and 20.5 percent in 2015.