Valeant Pharma (NYSE: VRX) shares touched lows, but then ticked higher following news Thursday afternoon that two of five independent directors at Sequoia Fund resigned.

According to the WSJ, Vinod Ahooja and Sharon Osberg will step down from Sequoia's board. Sequoia is Valeant's largest shareholder.

Shares of Valeant dipped lower following headlines with traders assuming two directors of the company resigned. Upon further clarification of the news, the stock bounced back, but is still down around 1.7 percent in afternoon trading.