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Valeant Slumps as Longtime Backer Ackman Exits With a Loss

  • Shares, bonds decline after Ackman’s Pershing sells stake
  • ‘Vote of no confidence’ for Valeant: Wells Fargo analyst
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Bill Ackman Sells Valeant Stake After $2.8 Billion Loss

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Valeant Pharmaceuticals International Inc. stock slumped to the lowest since 2009 after Bill Ackman, once its biggest champion, exited the drugmaker at a loss.

After waging a costly and outspoken public defense of the controversial company, Ackman said late Monday that he sold his entire stake and would leave the board.