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Valeant Share Plunge After CEO Subpoenaed by Congress
Source: Associated Press
Valeant Share Plunge After CEO Subpoenaed by Congress
By THE ASSOCIATED PRESS
Mar 28, 2016, 1:42 PM ET
Shares of beleaguered Canadian drugmaker Valeant Pharmaceuticals are plunging again after its CEO was subpoenaed by a congressional committee.
The Senate Aging Committee says J. Michael Pearson, Valeant's CEO since 2010, will testify on April 27.
The committee is holding its third hearing on soaring drug prices. Valeant is one of several companies being questioned about the practice of buying rights to old drugs, then hiking their prices drastically.
Valeant is in crisis, with three ongoing federal probes into its accounting and business practices.
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By THE ASSOCIATED PRESS
Mar 28, 2016, 1:42 PM ET
Shares of beleaguered Canadian drugmaker Valeant Pharmaceuticals are plunging again after its CEO was subpoenaed by a congressional committee.
The Senate Aging Committee says J. Michael Pearson, Valeant's CEO since 2010, will testify on April 27.
The committee is holding its third hearing on soaring drug prices. Valeant is one of several companies being questioned about the practice of buying rights to old drugs, then hiking their prices drastically.
Valeant is in crisis, with three ongoing federal probes into its accounting and business practices.
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Read more: http://abcnews.go.com/Business/wireStory/valeant-share-plunge-ceo-subpoenaed-congress-37980712