VALEANT IS TANKING
Thomson Reuters
The stock was last trading down more than 10% in the late session at around $68 per share.
On Monday, the stock had fallen $9.08, or -10.68%, to close at $75.91 per share.
Valeant, which had been a hedge fund darling, has collapsed since late 2015 due to scrutiny in Washington, D.C. over drug-price increases and accusations from a short-seller.
Back in October, Andrew Left, the founder of California-based short-selling firm Citron Research, issued a report asking if the company was running an Enron-like fraud. The Citron report focused on Valeant's relationship with Philidor, a specialty pharmacy. Citron accused Valeant of using Philidor to book "phantom sales."
The Canadian pharma giant denied any wrongdoing and soon after severed ties with Philidor.
Valeant also put together an ad hoc committee of its board to review the allegations related to the company's relationship with Philidor.
Click here to read the full story from The Wall Street Journal.
- I spent 2 weeks in India. A highlight was visiting a small mountain town so beautiful it didn't seem real.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- Top places to visit in Auli in 2024
- Sustainable Transportation Alternatives
- Why are so many elite coaches moving to Western countries?
- Global GDP to face a 19% decline by 2050 due to climate change, study projects
- 5 things to keep in mind before taking a personal loan