As Allergan stock continues to languish, two large hedge funds wrote a blistering letter to the drug maker’s board, urging them to split the roles of chairman and chief executive into separate positions, overhaul top management, and abandon an acquisition strategy.
In harsh language, Appaloosa Management and Senator Investment Group criticized Allergan chief executive Brent Saunders and his board for “token measures” to revive the stock. Allergan shares are down about 33 percent in the past 12 months, although the stock was up nearly 1 percent at midday.
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