Sequoia Fund Managers Suffer $1.2 Billion Loss as Valeant Falls
- Drugmaker plunges as U.S. Congress asks for price data
- Valeant represents almost 30 percent of Sequoia's assets
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Ruane Cunniff & Goldfarb, managers of the $7.8 billion Sequoia Fund, suffered a paper loss of about $1.2 billion after shares of Valeant Pharmaceuticals plunged.
The drug maker fell as much as 20 percent after Democrats in the U.S. House asked to subpoena the company for documents relating to drug price increases, the latest move by politicians seeking to curb prices on acquired drugs.