Will Valeant Shareholders Get ANYTHING? (VRX)

As he has done with other companies, Ackman bought in early and rose the stock to huge gains.

The investment is only between 1.5% and 3% of the entire funds of Pershing Square and required a large amount of resources and time that was disproportionate and therefore liquidated, said a statement released by Pershing.

The shares, already down more than 90 percent since their August 2015 peak, dropped 13 percent to $10.50 at 9:31 a.m.in NY, the lowest intraday level since May 2009.

The way Ackman sees it, his Valeant holding wouldn’t “move the needle” for his fund, Pershing Square, even if the stock “doubled from here”, he told the news service.

At 10 a.m. EDT (1400 GMT), the Toronto Stock Exchange’s S&P/TSX composite index fell 107.76 points, or 0.69 percent, to 15,437.06.

But Ackman remained a believer throughout the ordeal, so maintained his firm’s position in the company all the way down, and was soon named to its board of directors.

Once one of Canada’s most valuable companies following years of acquisitions, Valeant has seen its shares plunge amid controversies over drug prices and its relationship with US mail-order pharmacy Philidor Rx Services.

He sold Pershing’s 18.1 million shares of Valeant on Monday, plus about 8.8 million under his own name, together representing nearly 8 percent of Valeant overall, according to Reuters data. Stock price is down 83.57% since it reached the one year high price and is down $ -58.86 since then.

In the trailing 12 months period, return on assets ratio of the Company was -5.20% and return on equity ratio was -52.70% while its return on investment ratio was -1.60%. It has been accused of price-gouging and accounting fraud, and saw two of its former executives arrested late a year ago.

Operationally, Pershing’s exit doesn’t change anything for Valeant, he said.

The Stock now has the market capitalization of $4.23 Billion, P/E (price to earnings ttm) of 0 and Weekly volatility of 6.20% and monthly volatility of 5.81% respectively.

Valeant, which technically is based in Canada but operates from headquarters in Bridgewater, New Jersey, ousted Michael Pearson, the CEO responsible for the price-hiking strategy, early previous year. Ackman’s gains at the start of the year have already turned into losses.

For 2017, Valeant Pharmaceuticals Intl Inc (NYSE:VRX) expects total revenues to be in the range $8.90 billion-$9.10 billion, adjusted EBITDA of $3.55 billion-$3.70 billion.