Cooperman Says He Got Out Of Valeant

Billionaire investor Leon Cooperman said he sold out Valeant Pharmaceuticals Intl Inc

well ahead of the company's disappointing preliminary quarterly report. "We got out some time ago. We're just an innocent bystander," Leon Cooperman told CNBC's "Halftime Report" on Tuesday. Related Link: http://video.cnbc.com/gallery/?video=3000501800&play=1 Valeant reported a loss for its fourth quarter and slashed its 2016 outlook, sending its shares to a new 52-week low below $40 a share. The Canadian pharma company additionally corrected its "next four quarters" adjusted EBITDA guidance (Q2 2016 through Q1 2017) lower on Tuesday morning in an updated press release, sending shares even lower. Read more: http://www.benzinga.com/analyst-ratings/analyst-color/16/03/7713367/valeant-breaches-40-after-2017-guidance-correction-on-tu#ixzz430FWTxvG "The company grew as a result of a roll-up strategy. They took a high-priced stock, bought a lot of businesses," Cooperman said. "The market now is struggling to figure out what the internal level of recurring earnings is. This company's faux pas here in misstatements or restatements are not generating any confidence." Shares of VRX plunged 51 percent at $33.84. They were 87 percent below its 52-week high of $263.81.