Even for the beleaguered shareholders of Valeant Pharmaceuticals International Inc., Monday was an unusually bad day.
The company’s biggest owner, investment firm Ruane Cunniff & Goldfarb, lost an estimated $525 million after shares of the drugmaker fell more than 18 percent yesterday, the biggest decline since October, according to data compiled by Bloomberg. T. Rowe Price Group Inc. had a one-day drop of about $324 million, and William Ackman’s Pershing Square Capital Management gave up $321 million. The estimates assume the investors still own the number of shares listed in their most recent regulatory filings.
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Valeant tumbled after the company withdrew a financial forecast, delayed the release of fourth-quarter results and confirmed a previously undisclosed probe by the U.S. Securities and Exchange Commission that came to light after media inquiries. Valeant, which has been under scrutiny for its soaring drug prices, accounting and distribution practices, is down roughly 75 percent since its August peak and 35 percent in 2016 through Monday. Shares fell 4.3 percent to $63 at 10:08 a.m. in New York on Tuesday.
