Newspaper article The Canadian Press

U.S. Securities and Exchange Commission Investigating Valeant Pharmaceuticals

Newspaper article The Canadian Press

U.S. Securities and Exchange Commission Investigating Valeant Pharmaceuticals

Article excerpt

SEC investigating Valeant Pharmaceuticals

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LAVAL, Que. - Valeant Pharmaceuticals said Monday it is under investigation by the U.S. Securities and Exchange Commission in a previously undisclosed probe.

In a brief statement, the Quebec-based drugmaker confirmed it received a subpoena from the commission in the fourth quarter of 2015. The company said it would have disclosed the investigation when filing audited full-year results, but those have been delayed.

Valeant declined further comment. The commission also declined comment.

The news came as shares in the company plummeted to $94.49 on the Toronto Stock Exchange, a drop of $15.34 or nearly 14 per cent. At its peak last summer, the stock was trading above $346.

The announcement Monday is the latest setback for Valeant. The company has been under scrutiny for months amid allegations of drug price gouging, accusations it has denied, and concerns about a previously undisclosed relationship with a U.S. mail-order pharmacy -- an affiliation it later severed.

It is one of several companies under investigation as the U.S. Congress looks at price increases for certain specialty drugs.

The company's fourth-quarter financial report was due to be released earlier Monday. But the return this past weekend of CEO Michael Pearson from medical leave delayed the release of the report. …

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