July 13 (Reuters) - Ruane, Cunniff & Goldfarb Inc, the
investment firm that runs the Sequoia Fund and once the largest
shareholder of Valeant Pharmaceuticals International Inc (NYSE:VRX)
VRX.TO , said it exited its position in the embattled Canadian
drugmaker by mid-June.
Valeant has been under intense scrutiny for its business and
accounting practices, sending its shares plummeting 91 percent
from the record high of $263.81 it touched last August.
"Valeant was our largest position to start the year and its
80 percent decline through June 30 badly penalized our results,"
Sequoia Fund said in a letter dated July 12.
Ruane, Cunniff & Goldfarb was sued earlier this year by
shareholders, who claimed it recklessly took a huge stake in
Valeant, causing more than $2 billion in losses.