Bill Ackman is selling his entire stake in Valeant Pharmaceuticals

Bill Ackman is leaving Valeant Pharmaceuticals.
The billionaire founder of hedge fund Pershing Square, who was once the company's biggest cheerleader, has sold his investment and will step down from the Valeant's board until its upcoming election.
The stock has fallen about 9% in after-hours trading on this news.
Jefferies will be handling the transaction for Ackman, selling 27.2 million shares valued at $306,400,000, or $11.10 to $11.40 per share. Sources tell Business Insider that Jefferies i