REPORT: Valeant is appointing a new CEO
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REUTERS/Christinne Muschi
Michael Pearson, chairman of the board and chief executive officer of Valeant Pharmaceuticals International Inc, poses following their annual general meeting in Laval, Quebec May 19, 2015.
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Valeant's stock collapsed last year under the weight of federal investigations into its pricing practices, allegations of accounting irregularities from a short seller, and the revelation of its secret, close relationship with Philidor - a pharmacy that is also now under investigation for questionable practices with insurance claims.
Valeant's stock is down over 3% in after hours trading on this news.
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