Valeant’s stock is down around 9%, sliding on the news that investor Bill Ackman’s hedge fund, Pershing Square, is unloading its entire stake in the company.
This ends a three-year involvement with the company for Ackman. During that time, Valeant’s stock price fell from a high of about $279 in the summer of 2015, to where it sits under $11 today.
The company became the subject of several federal investigations, including one involving a secret pharmacy that it used to operate which is now be accused of insurance fraud.
And it was pressured to hire a new CEO while its executives were repeatedly called to Washington for Congressional hearings to answer for drug price increases.
It was quite a ride.