In early January 2019, a recent Ivey Business School graduate logged into her online trading account to review her portfolio’s performance. As she scanned her investments, she paused at one stock in particular. It was time to make a decision regarding one of her most volatile stocks—Valeant Pharmaceuticals International Inc., recently renamed Bausch Health Companies Inc. The pharmaceutical company was once celebrated for its innovative business approach. However, both its stock price and reputation as one of Canada’s most valuable companies had plummeted in recent years, after accusations of price gouging and investigations for fraud by the US Securities and Exchange Commission. Overburdened with significant amounts of debt from a spree of acquisitions, the company was also scrutinized by investors and regulators for using non-GAAP accounting metrics for its financial statements. The recent graduate wondered if she should hold out hope that the stock would return to its historic highs, or if she should cut her losses and divest the stock.
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