Even for the beleaguered shareholders of Valeant Pharmaceuticals International Inc., Monday was an unusually bad day.
The company’s biggest owner, investment firm Ruane Cunniff & Goldfarb, lost an estimated $525 million after shares of the drugmaker fell more than 18 percent yesterday, the biggest decline since October, according to data compiled by Bloomberg. T. Rowe Price Group Inc. had a one-day drop of about $324 million, and William Ackman’s Pershing Square Capital Management gave up $321 million on the common stock it owns. The estimates assume the investors still own the number of shares listed in their most recent regulatory filings.
The company’s biggest owner, investment firm Ruane Cunniff & Goldfarb, lost an estimated $525 million after shares of the drugmaker fell more than 18 percent yesterday, the biggest decline since October, according to data compiled by Bloomberg. T. Rowe Price Group Inc. had a one-day drop of about $324 million, and William Ackman’s Pershing Square Capital Management gave up $321 million on the common stock it owns. The estimates assume the investors still own the number of shares listed in their most recent regulatory filings.