Valeant has been under significant pressure from lawmakers and shareholders after the company hiked prices for certain drugs. On Sunday, The Wall Street Journal reported that Pearson was key in making those decisions. Valeant's board ousted Pearson in March. Last week, Valeant named Joseph Papa to succeed Pearson.
Valeant declined CNBC's request for comment. CNBC could not immediately locate Pearson for comment.
Berkshire Hathaway held its annual shareholders meeting on Saturday, and attendees listened closely to Chairman and CEO Warren Buffett and Vice-Chairman Charlie Munger at what observers call "Woodstock for Capitalism."
Here are some of the best quotes and highlights of the day:
Warren Buffett and his longtime business partner Charlie Munger appeared before thousands of Berkshire Hathaway shareholders in Omaha today.
Here's what they had to say, minute-by-minute, in their marathon Q&A session. (App users,
Warren Buffett said Saturday that Wall Street's real source of wealth is not based on its strong investment acumen, but on something else.
"[There's] far more money made through salesmanship abilities rather than investment abilities," Buffett, Berkshire Hathaway's chairman and CEO, said at the company's annual shareholders meeting.
Buffett added many hedge fund managers are paid "just to breathe" based on a flawed compensation scheme. He also said high-paid consultants always recommend something other than doing nothing, and benefit from long-term growth of US business.
In turn, Buffett recommended that investors take a more passive approach to investing, noting his long-term bet against Protoge Partners still shows this approach works much better than active management.
"The railroad [business] is down considerably in the first quarter, and will most likely remain down for the year," Buffett, also known as the Oracle of Omaha, said at his annual shareholders meeting. In 2014, Berkshire said its BNSF, its railroad operation, had let investors down, but referred to the operation as its"most important" non-insurance business.
"I would say we've taken the most [valuable] part of the company and made it even more valuable to the company," Buffett said at Berkshire's annual shareholders meeting. He referred to Precision's management, specifically CEO Mark Donegan. "I would say Mark is one of a kind."
Buffett said Donegan can now spend more time working on designing and building aircraft parts, rather than breaking down earnings to shareholders and analysts.
"Precision Castparts will do better under Berkshire than it would on its own and it would do very well on its own," he said.
Berkshire announced the $37.2 billion acquisition in August.
More than 40,000 Berkshire Hathaway shareholders flocked to Omaha, Nebraska for the business conglomerate's annual shareholders meeting.
Investors listened carefully to Chairman and CEO Warren Buffett, as well as Vice-Chairman Charlie Munger, answer their questions.
A slew of celebrities and billionaries, including Microsoft founder Bill Gates, were in attendance.
Here are some images from "Woodstock for Capitalists."
— By CNBC's Fred Imbert
30 April 2016
The soft drink giant, along with others in the sector, has taken incoming fire from nutrition advocates concerned about the health impact of sugary drinks and fatty foods. Notably, an effort to ban soft drinks of a certain size in New York City failed in 2014, after a state court declined to renew the limit instituted by former NYC Mayor Mike Bloomberg.
"We ought to have a law ... where these people shouldn't be allowed to cite the defects without citing the advantage. It's immature and stupid," Munger said Saturday at Berkshire's annual shareholders meeting.
Berkshire has been a longtime shareholder of Coca-Cola and owns 9.2 percent of the Dow component, according to a 13-F filing from Dec. 31.
Warren Buffett is not worried about who becomes the next president of the United States.
"That won't be the main problem" for Berkshire Hathaway, Buffett said at the company's annual shareholders meeting, adding the company will "do fine" whether Democratic front-runner Hillary Clinton or Republican candidate Donald Trump win the November elections.
Buffett has been an outspoken supporter of Clinton, and has spoken approvingly about the campaign messageof her Democratic challenger, Vermont Senator Bernie Sanders. In February, the Oracle dismissed the doom and gloom of the current election cycle, saying U.S. citizens have abright future ahead.
The billionaire businessman said Berkshire has operated under all kinds of government leadership, and that good businesses are able to adapt to circumstances. He noted that, even with low interest rates American businesses have kept on finding ways for being profitable.
"The system works very well with aggregate output," he said.