Hedge fund billionaire Leon Cooperman, the founder of Omega Advisors, ditched two of Wall Street’s nightmare stocks.
In the fourth quarter, Cooperman sold all of his shares in SunEdison and Valeant Pharmaceuticals, his fund’s latest 13F filing shows.
Omega had held more than 5.32 million shares of SunEdison at the end of the third quarter.
SunEdison’s shares have collapsed more than 80% since July. Omega first initiated a position in the stock back in the fourth quarter of 2013.
Omega also sold out of its position in Valeant, which totalled 484,915 shares at the end of the third quarter.
Valeant, which had been a hedge fund darling, fell in 2015 due to scrutiny in Washington, D.C. over drug-price increases and accusations from a short-seller. The Canadian pharma giant has denied any wrongdoing.
Hedge funds only have to disclose their long equity holdings every quarter in these filings. What’s more, the filings aren’t published until 45 days after the end of the quarter, so it’s possible funds could have traded in and out of positions.