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The Wall Street Journal: Pershing Square sells some Valeant stock, seeking a tax loss

William Ackman’s Pershing Square Capital Management LP cut its stake in Valeant Pharmaceuticals International Inc. to help generate a loss for tax purposes.

The New York activist hedge fund, which has stumbled as its hefty bet on Valeant has been hammered, sold about 3.5 million shares of the company VRX, -3.69% to generate the loss, according to a securities filing. That lowered its stake to 7.8% from 9%.

The Canadian pharmaceutical company’s stock has plunged over the past year, battered by concerns about drug-price increases, accounting problems and a brush with potential debt default. Pershing Square is its largest stockholder.

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