An investigation for investors in Valeant Pharmaceuticals Intl Inc (NYSE:VRX) was announced over potential breaches of fiduciary duties by certain directors at Valeant Pharmaceuticals Intl Inc.
Investors who purchased shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Valeant Pharmaceuticals directors breached their fiduciary duties and caused damage to the company and its shareholders.
Shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) declined to as low as $88.50 per share on October 21, 2015.
On October 2, 2015, a report titled “Citron Research Exposes the Information that Congress Will Find if it Subpoenas Valeant” was published. The report references the United States Congress’s reportedly failed attempt to obtain documents from Valeant Pharmaceuticals Intl Inc that would justify the 525% and 212% price increases on two drugs Valeant Pharmaceuticals Intl Inc had acquired rights to, saying the requested information was “highly proprietary and confidential.”
On October 14, 2015, Valeant Pharmaceuticals Intlresponded to a letter from Senator Claire McCaskill (D-MO) concerning the company’s products Nitropress and Isuprel. Valeant Pharmaceuticals Intl said that in his response to Senator McCaskill, J. Michael Pearson, the chairman of the board and chief executive officer of Valeant Pharmaceuticals Intl, addressed the history of Nitropress and Isuprel, the reimbursement process for hospital procedures involving Nitropress and Isuprel, the analysis and reasons underlying Valeant’s pricing decisions, and Valeant’s programs designed to improve patient access, among other topics.
In addition, Valeant Pharmaceuticals Intl disclosed that it recently received a subpoena from the U.S. Attorney’s Office for the District of Massachusetts and a subpoena from the U.S. Attorney’s Office for the Southern District of New York. Most of the materials requested by the subpoenas relate to documents with respect to our patient assistance programs, and also include requests relating to financial support provided by the company for patients, distribution of the company’s products, information provided to theCenters for Medicare and Medicaid Services, and pricing decisions.
On October 21, 2015, a report was issued entitled “Could this be the Pharmaceutical Enron?”. Among other things, the report claims that Valeant Pharmaceuticals Intl utilizes a specialty pharmacy to facilitate drug sales to patients. The same report continued, stating that “Citron believes the whole thing is a fraud to create invoices to deceive the auditors and book revenue. PHANTOM ACCOUNTS.” The same day Valeant Pharmaceuticals Intl issued a response to the report. Shares of Valeant Pharmaceuticals Intl (NYSE:VRX) declined to under $90 per share during October 21, 2015.
Those who purchased shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX), have certain options and should contact the Shareholders Foundation.
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