Criminal probe into Valeant's former execs sends share price plummeting
More than 12% was wiped off the share price of Valeant Pharmaceuticals International (TRX: VRX) after a report that former bosses at the Canadian drugmaker were the subject of a criminal investigation.
US prosecutors are focusing on former chief executive Michael Pearson and ex-chief financial officer Howard Schiller as they build a case against the firm which could lead to accounting fraud charges being brought within weeks, according to Bloomberg.
The news service reports that sources suggest the investigation centers on the company’s ties to Philidor Rx Services, a specialty pharma company that Valeant secretly controlled.
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