Valeant Pharma (NYSE: VRX) issued a statement to StreetInsider.com on reports ex-CEO, J. Michael Pearson, sold 5 million shares. An SEC filing has not been made yet on the reported stock sale.

"J. Michael Pearson’s employment at Valeant Pharmaceuticals International, Inc. was terminated in May 2016 and as such, the Company no longer files stock transactions on behalf of Mr. Pearson. Recently, Mr. Pearson exercised certain options that were due to expire. Under the terms of his contract, Mr. Pearson is required to hold 1 million shares for 2 years following termination of employment and he continues to retain a significant ownership position in Valeant"

The latest proxy filing showed Pearson owned 9,080,716 shares in addition to 1,213,435 shares contributed to the J. Michael Pearson grantor retained annuity trust.