“The hedge fund billionaire William A. Ackman may be plotting his next big stock move, even as he is on the media circuit explaining his decision to partner with Valeant Pharmaceuticals to make a $45.6 billion hostile bid for the Botox manufacturer Allergan.

“In amassing its 9.7 percent stake in Allergan, Mr. Ackman’s Pershing Square Capital Management used a corporate entity that his $15 billion hedge fund formed in Delaware on Feb. 11 to buy shares and call options — a financial contract that gives the hedge fund the right to buy shares at predetermined price. Over a two-month period, the entity, PS Fund 1, used a combination of cash contributed by Pershing Square and Valeant, to build an equity position in Allergan that’s valued at about $4 billion.

“But corporate records in Delaware reveal that on the same day that Pershing Square organized PS Fund 1, four other entities bearing the names PS Fund 2, PS Fund 3, PS Fund 4 and PS Fund 5 were also created.

“Pershing Square, which was up nearly 11 percent for the year at the end of March, has not filed any regulatory statements disclosing any stock or options purchases with those other corporate entities.”

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Read full NY Times Dealbook article here.