ICN Shareholder Reduces Its Stake

ICN Pharmaceuticals Inc. shareholder Heartland Advisors Inc., which has urged the Costa Mesa-based drug maker to find a new chief, lowered its stake in ICN to 4%, according to a Securities and Exchange Commission filing. Milwaukee-based Heartland, once ICN’s largest shareholder with a 5.2% stake in June, now controls about 3.2 million shares. Heartland earlier this year called for ICN to replace Chief Executive Milan Panic. ICN shares rose 81 cents to close at $30.31 on the New York Stock Exchange.