March 21 (Reuters) - Valeant Pharmaceuticals International Inc’s 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. (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.
Reporting by Amrutha Penumudi in Bengaluru; Editing by Matthew Lewis