(Reuters) - Ruane, Cunniff & Goldfarb Inc, the investment firm that runs the Sequoia Fund and once the largest shareholder of Valeant Pharmaceuticals (NYSE:VRX) International Inc (TO:VRX), said it exited its position in the embattled Canadian drugmaker by mid-June.
Valeant has been under intense scrutiny for its business and accounting practices, sending its shares plummeting 91 percent from the record high of $263.81 it touched last August.
"Valeant was our largest position to start the year and its 80 percent decline through June 30 badly penalized our results," Sequoia Fund said in a letter dated July 12.
Ruane, Cunniff & Goldfarb was sued earlier this year by shareholders, who claimed it recklessly took a huge stake in Valeant, causing more than $2 billion in losses.