US: Valeant Ex-CEO, Ex-CFO Are a Focus of U.S. Criminal Probe

Author(s): Christian Berthelsen, Greg Farrell, Neil Weinberg, Cynthia Koons | Date: October 31, 2016 | Language: English
Source: http://www.bloomberg.com/ | URL: https://goo.gl/gQDroh | Type: Text, Video

U.S. prosecutors are focusing on Valeant Pharmaceuticals International Inc.’s former CEO and CFO as they build a fraud case against the company that could yield charges within weeks, according to people familiar with the matter.
Authorities are looking into potential accounting fraud charges related to the company’s hidden ties to Philidor Rx Services LLC, a specialty pharmacy company that Valeant secretly controlled, the people said. Federal prosecutors in Manhattan and agents at the Federal Bureau of Investigation in New York have been investigating the company for at least a year.
Prosecutors are examining the actions of J. Michael Pearson, Valeant’s former chief executive officer, and Howard Schiller, the ex-chief financial officer who became interim CEO during a medical leave by Pearson, according to the people, who discussed the confidential proceedings on the condition of anonymity. Prosecution of individual executives could go beyond just those two, one person said, adding that Philidor executives could also be charged.

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