Daal, I pretty much have the same reasoning as you. I'm stupefied that price seems to be holding (down) here, as I will add the following observation: There is no illegal activity but rather clear evidence of an extremely well lawyered up compliance-savvy executive suite. There IS evidence of aggressive marketing etc. Did we just become a communist society or are we still capitalists? If the later, what is the problem here? 'Cos I'm seeing things you would want in an investment, not vice versa.
Also Mr. Left of Citron has indeed had many successes, but unless I am mistaken he is very much an opportunistic trader and his M.O. is to publish his negative pieces and take advantage of the ensuing price drop, ergo COVER his short. I get the feeling he is at this point milking the spotlight to build his persona in favor of future campaigns; but has closed his position that most likely has paid off by now beyond his wildest dreams. I also suspect that once this blows over the VRX attack will largely discredit him and his reports will have more muted effects.
What really strikes me is the way the hype has worked itself into a frenzy here - Starting to hear A LOT OF comments that paint Valeant as somehow positively being engaged in illegal activity, of no merit or substantiation whatsoever.
