Pershing Square said that it will realize a "large tax loss" on its investment in Valeant. It had been Valeant's No. 2 shareholder, according to data provider Capital IQ. Neither Ackman nor Pershing Square's vice chairman, Steve Fraidin, will seek re-election to Valeant's board. Ackman became a director in March 2016 during an executive shake-up meant to turn things around, which hasn't happened. Valeant, which technically is based in Canada but operates from headquarters in Bridgewater, New Jersey, ousted Michael Pearson, the CEO responsible for the price-hiking strategy, early last year. It has also replaced numerous other top executives. Meanwhile, former executives of Valeant and a related mail-order pharmacy called Philidor were charged with a fraud-and-kickback scheme in November.