July 13, 2016 / 1:17 PM / a year ago

Sequoia Fund exits Valeant position after losses

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 , 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. (bit.ly/29Hc6eV)

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. (Reporting by Ankur Banerjee in Bengaluru; Editing by Saumyadeb Chakrabarty)

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