Valeant shares down sharply
From Times Wire Services
Shares of Valeant Pharmaceuticals International fell the most in five months as the Costa Mesa drug developer regroups after its president quit last month.
Valeant reported April 1 that its president, Charles J. Bramlage, quit in late March and that it couldn’t estimate the costs of a planned restructuring, which includes firings and asset sales.
The price fell $1.12, or 8.3%, to $12.44 a share, and earlier declined 10%.
Valeant also fell in early November after third-quarter earnings missed estimates. The number of shares traded nearly tripled to 3.33 million, compared with a three-month average of 1.17 million.
