Shares of Valeant Pharmaceuticals dropped drastically -- by 51 percent -- on Tuesday after the company cut its 2016 revenue forecast by about 12 percent and said a delay in filing its annual report could violate some of its debt agreements, according to a CNBC report.
Defaulting on debt could allow lenders to demand faster repayment and restrict Valeant's ability to borrow in the future, the report continued.
A prominent investor, Bill Ackman, said he is still confident in Valeant and he plans to be more proactive in his dealings with the company. Read the full story