Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.
Mutual fund T. Rowe Price has filed a lawsuit against Valeant Pharmaceuticals, alleging that the company’s executives lied to it and other investors about its drug price gouging, general business practices, and financial health.
One of the most brutal parts of the complaint looks at what Valeant may have been doing at its now-defunct secret pharmacy, Philidor.
The complaint includes a line from a posting on a blog about Philidor that reads: “‘If you ever saw Wolves of Wall Street well that was sorta what some of us saw.”
In related news, here’s the meltdown Bill Ackman had when he found out what was going on at Valeant.
One of the recurring complaints about hedge funds is that they are all investing in the same things, in a phenomenon known as crowding, and that these bets haven’t been working out. It looks like that is beginning to change, though.
Elsewhere in hedge fund news, Starboard Value, the hedge fund that shook up Yahoo, is crushing it, and aspiring ‘finance bros’ may have a hard time getting a job at Bridgewater Associates.
In Wall Street news, a Deutsche Bank whistleblower pulled a gutsy move to highlight what’s wrong with the big banks.
Joseph Stiglitz, the Nobel Prize-winning economist and former adviser to US President Bill Clinton, says the consensus surrounding neoliberal economic thought has come to an end.
If you’re into cars, here are a couple of fun posts:
- The most expensive Volvo of all time has arrived.
- Tesla Ludicrous Mode sounds great — until you actually use it.
- Mercedes-Maybach just unveiled a stunning concept car to rival Tesla.
- Here are 14 beautiful, vintage cars up for auction at Pebble Beach.
Lastly, a group of 15-year old girls started building apps, and it could land them a job at Goldman Sachs.
Here are the top Wall Street headlines at midday:
We just received a bizarre letter that’s purportedly from the $35 billion market-cap company with no revenue and $1,000 in the bank – Neuromama, the company whose market value spiked to $35 billion before trading was halted by the US Securities and Exchange Commission, has apparently fired back at what it called “incorrect” stories about the business.
Healthcare companies may be tricking people into Obamacare – Some healthcare providers may be steering patients toward Obamacare instead of Medicare and Medicaid, according to a release from the Centres for Medicare and Medicaid Services, or CMS.
Viacom’s CEO is getting an insane $72 million severance package when he steps down – The bitter wrangle for control over 93-year-old billionaire Sumner Redstone’s $40 billion media empire has reached a conclusion.
Cisco CEO Chuck Robbins says he’s seeing customers ‘pause’ because of Brexit – Cisco CEO Chuck Robbins says he’s seeing a “pause” in UK customers due to the uncertainty around Brexit, although he downplayed its impact on the broader European market.
China is flashing more warning signs – The latest data on China’s economy have underscored worrisome concerns about its gross domestic product (GDP) outlook for the second half of 2016 and 2017.
Vancouver’s crazy housing market is melting down – Vancouver’s frothy housing market appears to be melting down.
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