William Ackman’s Pershing Square Capital Management LP disclosed an increased 9.9% stake in Valeant Pharmaceuticals International Inc. VRX, -3.95% , a move that comes after the hedge-fund manager said he had taken advantage of the beaten-down market for the stock to build up his position.
Ackman has vigorously defended his multibillion-dollar investment in the pharmaceuticals company, which has come under siege over its accounting and sales tactics.
