December 14, 2016 / 4:23 PM / in 10 months

BUZZ-Valeant Pharmaceuticals: Falls as Pershing Square cuts stake

** Canadian drugmaker’s U.S.-listed shares fall as much as 4.40 pct to $14.13; their lowest in a month

** Pershing Square Capital Management cuts stake in Valeant to 7.8 pct from 9 pct (bit.ly/2gxHkUG)

** Pershing Square says the sale of Valeant stock was in order to generate a tax loss in 2016 for their investors

** Says PS International and PSH, the 2 offshore funds, sold no shares of Valeant’s common stock

** Valeant’s Toronto-listed shares fall 4.84 pct to C$18.50

** Up to Tuesday’s close, stock had fallen 85.46 pct YTD

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