Valeant Falls as Second Largest Investor Dumps Entire Stake, Citron’s Left and Ex-CEO Make Moves
Valeant Pharmaceuticals Intl Inc. (NYSE:VRX) shares tumbled as low as 5.25% during the late trading hours today. VRX stock plunged after news surfaced that ex-CEO J. Michael Pearson has sold more shares than was previously known, while Citron Research’s Andrew Left has decided to go short on it once more.
As per documents that were not made public, but were obtained by CNBC, Mr. Pearson has sold almost 5 million VRX shares and options for a total of $96.8 million. Following this, Sequoia Fund—previously one of Valeant’s largest shareholders—completely divested its stake.
As per documents that were not made public, but were obtained by CNBC, Mr. Pearson has sold almost 5 million VRX shares and options for a total of $96.8 million. Following this, Sequoia Fund—previously one of Valeant’s largest shareholders—completely divested its stake.