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Investment Firm That Held Stake In Valeant Sued By Investors

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Shares of Valeant Pharmaceuticals Intl Inc (NYSE: VRX) are lower by 16 percent since the start of 2016 and lower by nearly 45 percent over the past year.

The losses in Valeant Pharmaceuticals' stock has prompted a group of investors to sue an investment firm that saw more than $2 billion in losses from the stock.

According to Reuters, investors who bought into the Sequoia Fund are suing the fund's portfolio managers - Robert Goldfarb and David Poppe, along with two directors for letting the fund amass a stake in Valeant that represented 32 percent of all assets under management in August.

The suit accused the fund managers as being "akin to a gambler at the race track betting more than one quarter of his net worth on a fast horse with a history of maladies and with improbably high odds."

The lawsuit seeks to recoup damages and management fees for the fund.

Posted-In: David Poppe Reuters Robert Goldfarb Sequoia Fund Valeant valeant pharmaceuticalsNews Legal

 

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