Valeant Ex-Execs Under Probe; Stocks Fall

Nov. 1, 2016

United States prosecutors are targeting Valeant Pharmaceuticals' former CEO J. Michael Pearson and CFO Howard Schiller as they build a potential accounting fraud case against the company. Sources say charges could be filed within weeks, according to a Bloomberg article.

The accounting fraud charges are related to the company’s hidden ties to Philidor Rx Services LLC, a specialty pharmacy company that Valeant secretly controlled, the article said. Federal prosecutors and FBI agents in New York have been investigating the company for at least a year, the story said.

Read the Bloomberg article