Following yesterday’s WSJ report that Valeant is the target of a criminal investigation by the the AG office in the Southern District of NY, which sent the stock of the troubled, overindebted pharmaceutical plunging over 10%, and which was down 9.5% in the premarket, overnight Valeant issued the following response:
Valeant Pharmaceuticals International, Inc. today issued the following statement regarding the ongoing investigation being conducted by the U.S. Attorney’s Office for the Southern District of New York:
“Valeant previously disclosed in October 2015 that the United States Attorney’s Office for the Southern District of New York commenced an investigation involving Valeant. We have been fully cooperating with the authorities throughout the investigation, and we are in frequent contact and continue to cooperate with the U.S. Attorney’s Office for the Southern District of New York. We do not comment on rumors about investigations, and cannot comment on or speculate about the possible course of any ongoing investigation.
“Valeant takes these matters seriously and intends to uphold the highest standards of ethical conduct as we move forward with our mission to improve people’s lives with our healthcare products.”
While Valeant’s promises of high standards of “ethical conduct” are admirable, perhaps they should have taken place several years ago when Valeant was covertly rolling out its “Philidor” mail-order pharmacy operation, which now threatens not only the company’s financial future, but may lead to prison time for disgraced former CEO Michael Pearson, who is now set to be dragged right back into a scandal he thought he may have successfully dodged.
via http://ift.tt/2b7rD50 Tyler Durden