ACKMAN SUCH A PILL

Hedgie’s e-mails out

Hedge fund mogul Bill Ackman has the prescription for micro-managing.

The activist investor, whose Pershing Square fund has taken a beating on its massive position in Valeant Pharmaceuticals, was a persistent critic of ex-Chief Executive Michael Pearson — slamming him on everything from his performance on conference calls to how long it took to send out press releases, emails released Monday show.

“Every minute that you wait before sending out a press release, another shareholder capitulates on Valeant and does not come back,” Ackman wrote to Pearson and thenValeant Chief Financial Officer Howard Schiller on Oct. 22, a day before a damning report on the pharma giant by Probes Reporter was released.

“It’s coming,” Pearson responded in a terse e-mail.

The exchange is one of many contained in 818 pages of dramatic e-mails related to Valeant released on Monday by the Senate. Lawmakers on The Hill have probed price increases by the struggling Valeant.

The company’s shares are down 89 percent from their 52-week high.

Valeant has admitted to mistakes, and Pearson and Schiller have since departed and the board has been reshuffled.

On July 23, as Valeant headed into its most turbulent period, Ackman was perturbed over Pearson’s performance on a conference call.

“My only comment on the call is that you sounded a little defensive on the price increase question,” Ackman wrote to Pearson. “If you want I would be happy to share thoughts on how you could have answered that a little differently. That said this is a very minor point.”

The combative capitalist also mixed it up with Berkshire Hathaway Chairman Charlie Munger after the Warren Buffett pal and right-hand man dissed Valeant.

Munger likened Valeant to ITT and its former CEO, Harold Geneen, famous for his attempt to meddle in Chile’s government.

Ackman was hurt by the comparison. He told Munger the impression he had of Valeant was false and may have been burnished by “misinformation disseminated by Allergan.”

Valeant has been in a takeover battle with Allergan.

“My goal with this e-mail is to inspire you to meet with Pearson [for an hour] so you can learn more about him and Valeant,” Ackman wrote.

Munger apparently found the e-mail less than inspiring — later calling the drugmaker’s pricing strategy “deeply immoral.”

Valeant has been slammed for acquiring drugs and then jacking up their prices — in one case by more than 500 percent.

Ackman has admitted to Valeant that he made some “mistakes” and said he regrets the investment.

Valeant fell 6.1 percent on Monday, to $28.07.