NEW YORK/BENGALURU — Shares in Valeant Pharmaceuticals International fell as much as 21% on Monday after the drug maker revealed that it was under investigation by the Securities and Exchange Commission (SEC) in the US."Valeant confirms that it has several ongoing investigations, including investigations by the US attorney’s offices for Massachusetts and the Southern District of New York, the SEC, and Congress," said Valeant spokeswoman Laurie Little.She said the firm confirmed that it "received a subpoena from the SEC in the fourth quarter of 2015 and, in the normal course, would have included this disclosure in its 2015 10-K. We do not have further details to provide at this time."The company’s US-traded shares fell 18.4% to close at $65.80 per share.The SEC probe is apart from an existing investigation into a company purchased last year by Valeant, Salix Pharmaceuticals, according to a person familiar with the matter.News of the investigation came a day after the Canadian company...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.