With a little over seven minutes left and the Tar Heels down by three points to Florida State, Berry attempted to grab an outlet pass, but it sailed over his head out of bounds. It appeared that the senior, who scored a game-high 28 points, was held by FSU's Terance Mann as they ran up the court.
Berry grabbed the ball from out of bounds and ran up to Valentine, but the veteran ref turned his back. Berry eventually put the ball down and walked away.
The 12th-ranked Tar Heels went on to lose 81-80.
Steve Kirschner, a spokesperson for North Carolina athletics, was asked if the school had a comment on the play.
"We don't," he told ESPN. "Any issue with officiating would be addressed through the ACC."
Brian Morrison, the ACC men's basketball communications director, said conference officials will discuss the next steps.
"We are aware of what occurred and are addressing it internally," read the ACC's statement Thursday.
Valentine has worked 28 NCAA tournaments, 10 Final Fours and four national championship games. He is so known for his theatrics that he is called "TV Teddy," and he has become part of the on-court story on a number of occasions.
In 1998, Valentine ejected Indiana coach Bobby Knight from a game that clinched a share of the regular season Big Ten title for Illinois. Knight called it the "greatest travesty" he had seen in his career.
In 2012, Valentine got into a lengthy discussion with Michigan State coach Tom Izzo and Minnesota coach Tubby Smith, even physically pulling the coaches together to talk.
In February 2014, an animated Valentine stopped an Auburn-South Carolina game to eject a fan.
Then in March 2014, Valentine made a call in a Cincinnati-UConn game that angered Cincy coach Mick Cronin. Valentine jumped over to get in Cronin's face. The coach and the referee had to be restrained.
Information from ESPN's Myron Medcalf was used in this report.