Valeant Pharma (VRX) Under Criminal Investigation - WSJ
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
(Updated - August 11, 2016 6:28 AM EDT)
Valeant Pharma (NYSE: VRX) shares are dropping after-hours Wednesday following reports from the Wall Street Journal the company is under criminal investigation.
Federal prosecutors are investigating if the company defrauded insurance companies by hiding its ties to mail-order pharmacy Philidor Rx Services LLC, according to the Journal.
The investigation could lead to criminal charges against former Philidor executives and Valeant, the report stated.
"Valeant has been cooperating and continues to cooperate with the ongoing Southern District of New York investigation," a Valeant spokesperson told the Journal.
VRX shares last traded down 3.7% to $26.30.
In a statement Thursday morning, Valeant said:
"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."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Teva Pharma (TEVA) Loses Bid to Revive '413, '250, and Third Capaxone Patent in IPR Review - Bloomberg
- Stocks with Implied Volatility Movement
- Valeant Pharma (VRX) Commences Expansion of Sales Team for Xifaxan, Relistor
Create E-mail Alert Related CategoriesCorporate News, Hot Corp. News, Litigation, Short Sales, Trader Talk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!