Canadian Drugmaker Valeant Share Plunge After CEO Subpoenaed By Congress

The Canadian Press, 28 Mar, 2016 11:12 AM

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.

The company announced last week that Pearson would leave the company as soon as a replacement was found.

Shares of Valeant Pharmaceuticals International Inc. fell about 9 per cent Monday to $28.37. A share as recently as August cost more than $260.

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