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Botox Maker Allergan Falls After Tepper's Hedge Fund Challenges Management

Scott Van Voorhis

Billionaire David Tepper, president of hedge fund Appaloosa LP, fired off a letter Tuesday demanding the Dublin-based pharmaceutical firm separate the roles of chairman and CEO. Following the release of the letter, Allergan's stock fell 0.4% Tuesday to close at $138.01. "The Board of Directors is committed to strong governance practices and independent board leadership," Allergan said in its statement.