Civil Plaintiff

Formerly Valeant Pharmaceuticals Agreed to $45M Settlement to SEC

From the fall of 2015 through the first half of 2016, Valeant was at the center of scrutiny on pharmaceutical business practices, having drawn the attention of regulators for suspect accounting, as well as the ire of lawmakers for aggressive price hikes. 

The SEC charges covered both, alleging Valeant misstated revenue over a period of five quarters while also failing to disclose the impact of a 500% increase to the price of a single diabetes drug. 

Much of Valeant’s improper revenue recognition was tied to a mail-order pharmacy called Philidor, which the drugmaker helped establish and fund. Over time, drug sales through Philidor grew to account for a significant portion of Valeant’s U.S. business, but the company did not fully disclose to investors the extent of its relationship for some time.

Read the source article at Biotech and Pharma Industry News

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