Bill Ackman has officially quit Valeant Pharmaceuticals.
The founder of the hedge fund Pershing Square on Monday sold his investment in the company and announced his plan to step down from the board. Valeant’s shares were down as much as 12% Tuesday morning.
Once a stock market darling, Valeant has been falling since September 2015 after the company began to face scrutiny over its pricing strategy and its use of a secret specialty pharmacy called Philidor. When Philidor’s existence – which had been kept from investors – was exposed its entire business model came under scrutiny from Wall Street, and its practices under investigation.
Its stock is down 95% since September 18, 2015, with a decline that began when then-Democratic presidential candidate Hillary Clinton tweeted about drug prices.
Here’s a timeline of what’s happened to Valeant’s shares since September 2015.
- Business Insider/Andy Kiersz, data from Bloomberg