Valeant mulls three new directors, including one from Pershing Square: sources

By Svea Herbst-Bayliss and Carl O'Donnell NEW YORK (Reuters) - Embattled drug company Valeant Pharmaceuticals, whose stock price has tumbled 38 percent this year, is mulling giving board seats to activist hedge fund Pershing Square Capital Management, one of its biggest investors, two people familiar with the matter said. Stephen Fraidin, a veteran Wall Street lawyer who is vice chairman at William Ackman's Pershing Square, is expected to join Valeant's 12-member board, the sources said.