Billionaire hedge funder Jim Chanos is still short Valeant

Legendary short-seller Jim Chanos is not convinced that Valeant is going to turnaround.

"I'm still short Valeant," Chanos said in an interview with CNBC at the Sohn Conference on Friday.

The pharmaceutical company is a former stock market darling that's been hit with SEC investigations, Senate investigations, and a precipitous decline in its stock price.

Chanos said that everybody is using metrics that are "just as bad as Valeant's accounting."

Hedge fund manager Bill Ackman, who is long Valeant, on Monday told CNBC he hopes to turn the company around.

Ackman joined Valeant's board in March as the company's CEO, Mike Pearson, announced his departure from the firm.

Valeant's stock has plunged about 86% in the past year and almost 70% since October.

More to come...