Valeant Pharmaceutical announced on Wednesday to add three new directors to its board. Representative from Pershing Square Capital Management was among one of the directors.

According to Reuters, Pershing Square Capital Management purchased shares of Valeant Pharmaceuticals last year when the company's shares were on the rise. However, since then the company's shares have dropped 68%.

The hedge fund manager also added its shares by purchasing another 2 million shares last October. After the purchase Pershing own 6.3% of Valiant Pharmaceuticals, and become the third-largest shareholders of the company. Pershing also became the biggest booster as the company's shares continuously plunged for the last six months.

The company's stock plunged even deeper last month, when  the Quebec-based drugmaker admitted to be under investigation by the U.S. Securities and Exchange Commission and other agencies. Besides SEC, Valeant is also under investigation from the United States Congress, U.S. Attorney's Offices for Massachusetts and the Southern District of New York.

In order to regain investors' trust, the company added three people to its board members. They are veteran pharmaceutical executive Fred Eshelman, former president of the University of North Carolina system, Thomas Ross, and senior executive at William Ackman's Pershing Square Capital Management LP, Stephen Fraidin.

Valiant aimed to recover William Ackman's trust in the company by adding his executives in the board. Previously, William Ackman, the activist investors signaled to break the company by selling Bausch & Lomb. During Harbor Investment event in New York on Tuesday, as quoted by Bloomberg, Ackman said, "Bausch & Lomb is a very valuable standalone business and some day -- if Valeant chose to -- they could sell a piece of that to pay down their debt,"

"Either management will restore confidence in the reputation of the company with the public and the investment community or they won't," Ackman said, in response to question from the audience. "If they can't then one of two things will happen — new management will be bought in or the business will be sold."

Business Insider acknowledged that Ackman is planning to setup the oldest trick in the book: to build up and break down the company. As the one who assisted Valeant to acquire Allergan Pharmaceuticals in 2014, Ackman sees that it is time to consider breaking up the platform.

Valeant Pharmaceutical announced on Wednesday to add executives from Pershing Square Capital Management into its board. The company also added two other new directors, as it works hard to regain investors trust. Since October last year, the company's shares have plunged 68%.