March 21 (Reuters) - Valeant Pharmaceuticals (NYSE:VRX) International
Inc's VRX.N largest stakeholder, Sequoia Fund, said it sold
about 1.5 million shares of the company's stock last week, the
Wall Street Journal reported on Monday.
Ruane, Cunniff & Goldfarb Inc, which runs Sequoia, told the
Journal that the Valeant shares were sold to reduce investor
taxes by booking capital losses. (http://on.wsj.com/1UzKtVx)
The shares were bought in October, Ruane, Cunniff &
Goldfarb's executive vice president, David Poppe, told the
Journal.
In January, Ruane, Cunniff & Goldfarb, long known for its
ties to Warren Buffett, was sued by shareholders who claimed it
recklessly took a huge stake in the embattled drug company
Valeant, causing more than $2 billion in losses.
Valeant, a target of a securities investigation and under
scrutiny for its pricing and accounting practices, said on
Monday that its longtime chief executive officer was leaving
just three weeks after returning from a medical leave.
Ruane, Cunniff could not immediately be reached outside of
regular business hours.