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US: Valeant CEO subpoenaed to testify before Senate panel

By  |  March 28, 2016

The chief executive of Valeant Pharmaceuticals International, which is under scrutiny for dramatically hiking the price of older drugs, has been summoned to testify at a US congressional hearing on April 27, the panel said on Monday.

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    The Senate Special Committee on Aging hearing comes as the Canadian-based company is coping with a variety of federal investigations into its accounting practices that led to a restatement and delays in the filing of its annual report.

    Valeant said last week CEO Michael Pearson would step down, after a board committee probing the company’s ties to specialty pharmacy Philidor Rx Services had found accounting problems dating back to December 2014. Billionaire William Ackman, whose Pershing Square Capital Management owns a 9 percent stake in Valeant, has joined the company’s board.

    Full Content: Business Insider

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