Valeant's Mess Gets Messier

Apr 14, 2016

Valeant's outgoing CEO Michael Pearson is now slated to be deposed Monday by a Senate committee investigating prescription drug pricing hikes.

Valeant's board requested Mr. Pearson's cooperation in connection with a subpoena from the Senate committee investigating the pricing of decades-old prescription drugs prior to the committee's scheduled April 27 hearing, after Pearson previously failed to show up to give testimony.

Forbes recently published an article discussing Pearson's messy personal finances, including promising a $30M donation that he didn't actually have to his alma mater with a wife to whom he wasn't actually married.

Standard & Poor’s downgraded Valeant Pharmaceuticals this morning due to increased credit risks after one of its creditors -- Centerbridge Partners -- said it would declare the company in technical default because it missed its March 15 annual report filing date.

Valeant is currently dealing with $30 billion of debt, and facing three federal probes into everything from drug pricing and antitrust issues to questionable accounting and disclosures.

 

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