Why Pfizer Stock Tumbled by Nearly 3% on Thursday

There was some intriguing news from a Pfizer (NYSE: PFE) shareholder on Thursday that was not taken well by the market. Confirming media reports, an activist investor has taken a small stake in the healthcare giant, and announced itself with a letter to the company's board. Investors reacted by trading Pfizer stock down by almost 3%; this was a notably steeper fall than the S&P 500 index's 0.2% dip.That activist investor is veteran corporate gadfly Starboard Value, which made its letter public just before market open. In it, Starboard confirmed its status as a Pfizer shareholder and, as the media reports stated, it has scheduled a formal meeting with CEO Albert Bourla to discuss potential changes at the company. It also alleged some rather troubling behavior by Pfizer management, claiming that after the firm contacted ex-CEO Ian Read and former CFO Frank D'Amelio as part of its due diligence process, the pharmaceutical company made threats to those men either directly or via proxy. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool