Valeant Falls as Buffett Calls Business `Enormously Flawed'
- Shares decline as much as 13 percent, most since March 15
- Ackman defends drugmaker: `The company is not a sewer'
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Valeant Pharmaceuticals International Inc. declined as much as 13 percent, the most in a month and a half, after billionaire Warren Buffett criticized the drugmaker’s strategy at the annual meeting of his company, Berkshire Hathaway Inc.
Valeant lost 8.6 percent to $30.50 at 12:11 p.m. in New York. The stock has fallen more than 85 percent since its August peak after months of turmoil that led to the replacement of the company’s chief executive and investigations by regulators and lawmakers. Last week, outgoing CEO Mike Pearson said at a Senate hearing on high drug prices that Valeant has made mistakes and he was too aggressive as a leader.