It’s not every day that a firm tells shareholders to disavow any and all comments from its parent company’s largest shareholder and CEO. But that’s exactly what Pershing Square USA Ltd. did on Thursday when it threw Wall Street speculator Bill Ackman under the bus.
In a letter marketing his new closed-end activist hedge fund to investors, Ackman downplayed risks printed in black and white in its regulatory prospectus ahead of a planned initial public offering of shares under the ticker symbol PSUS.
