Bloomberg TV
Citron Research founder Andrew Left.
"Our work is done here," the six-page report said.
"We are looking forward to moving on to new stories. If only every story Citron wrote about received 1/10 of the attention of Valeant, the market would be a different place."
Shares of Valeant were last up $5.59, or 5.96%, at $99.40.
On Sunday, Citron's founder, Andrew Left, told The Wall Street Journal that his updated report does not have" anything earth-shattering." The WSJ's headline suggested that he had dialed back from his tweet on Friday saying that he had more dirt on the company.
"While Citron has been at the nexus of information on this story, we will not be releasing new allegations against Valeant in this piece, as we believe that it is not our responsibility to be the judge, jury, and executioner of the company's deeds," the report said.
"Yes, we have reviewed numerous data points strongly suggesting that Valeant's operation is far 'dirtier' than just Philidor, we are passing all new information on to the mainstream media investigative reports, whose legal teams are far deeper than those at Citron."
On Friday at 11:45 a.m. ET, while hedge fund manager Bill Ackman was hosting a four-hour conference call defending his position in Valeant, Citron Research tweeted that it was going to release an updated report on the embattled drug giant Valeant on Monday.
"$VRX has a better chance of going to 0 than $HLF ever will," Citron tweeted, adding that the story was "dirtier than anyone has reported!!"
The $HLF in the tweet referred to Herbalife, whose stock Ackman is short - for almost three years he has been betting that its stock will go to $0.
The tweet, which has been retweeted 184 times, sent Valeant's shares even lower. The stock ended Friday down $17.70, or down 15.87%, at $93.81 per share.
"Mr. Left and Citron have already made one set of false claims about Valeant 's business in an intent to profit by driving down our stock," Valeant rep Laurie Little said in an emailed statement on Friday.
"We have shown his previous charges to be completely untrue, and our outside counsel has met with the SEC to request they investigate him. We have no doubt that he will continue to mislead investors about our business, and we will be ready to respond accordingly."
Ackman's Pershing Square Capital has lost close to $1.9 billion on paper this year on its Valeant bet. Much of those losses have happened in the past two weeks.
Shares of Valeant crashed more than 40% since Citron published a report suggesting Valeant may be operating as an Enron-like fraud.
Citron's report focused on the company's relationship with Philidor, a specialty pharmacy that distributes prescription drugs for Valeant. Valeant is the only supplier to Philidor, and it also has an option to buy the company. No one on Wall Street had really heard of Philidor until earlier this month.
Citron has accused Valeant of using Philidor to create "phantom sales" of its products.
Ackman said on his investor call that he did not think Valeant engaged in deceptive accounting. He did add that he thought "some of Philidor's numbers are exaggerated."
Left has not disclosed his current position for his bet against Valeant. He has told Bloomberg TV that he does not discuss his trading. On the Pershing Square call, Ackman slammed Left for not disclosing his position.
Valeant has categorically denied the allegations in the original Citron report. The company hosted an all-hands call this past Monday to address the allegations.
On Friday, Valeant said it would sever "all ties" with Philidor.
Citron Research said in its updated report that it stands by its Enron analogy, "as we now see that Valeant has engaged in manipulation of the insurance reimbursement system, and very possibly the law, to alter their financial results."