Perrigo Severely Overvalued As CEO Departs For Valeant

Many bulls will claim the large decline in share price when Mr. Papa resigned is an overreaction to the news. At the same time, they also argue that with a new CEO, Perrigo can get back to its successful ways prior to 2013. Unfortunately, these beliefs ignore the larger issues facing Perrigo, and assume that Mr. Papa left the company simply for monetary reasons.