Valeant Pharma (VRX) ex-CEO, ex.-CFO Said to Be Focus of Criminal Probe

October 31, 2016 3:25 PM EDT

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(Updated - October 31, 2016 3:32 PM EDT)

Valeant Pharma (NYSE: VRX) ex-CEO, Michael Pearson and ex.-CFO, Howard Schiller, are said to be focus of criminal probe, according to Bloomberg.

UPDATE - Authorities are looking into potential accounting fraud tied to the company's hidden Philidor Rx Services company.

Charges could be brought within weeks.

The probe could extend beyond just the two named executives.

The U.S. Department of Justice could settle with the company and take later action against the individuals.

Valeant said in a statement today: We are in frequent contact and continue to cooperate [with U.S. authorities] ... 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.

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