Valeant Pharma (VRX) Off Lows as Charges Relate to Employee Fraud Versus Company Fraud
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Valeant Pharma (NYSE: VRX) is bouncing off morning lows as the charges against former exec Gary Tanner and CEO the Philidor Andrew Davenport appear more related to individual fraud versus company fraud. Shares of VRX are down 2% after trading down 7% earlier.
From the complaint:
"The kickback payments were made in secret and were laundered though a series of shell companies and transactions designed to conceal the illicit source."
"Without Valeant's knowledge or approval, TANNER ultimately received close to $10 million in kickbacks from DAVENPORT...."
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