BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of investors of Valeant Pharmaceuticals International, Inc. (“Valeant” or the “Company”) (NYSE: VRX) concerning the Company’s and its officers’ possible violations of federal securities laws.
Valiant has been under pressure lately regarding its drug pricing practices, and has been criticized by numerous lawmakers regarding its increasing prices of heart drugs Isuprel and Nitropress. According to news reports, on October 19, 2015, the Company announced that it would scale back on its practice of buying drug companies and raising prices of the drugs. On this news, shares of Valeant fell $30.82, or more than 17%, over two days to close at $146.74 on October 20, 2015.
Then on October 21, 2015, the Company was the subject of an analyst report published by Citron Research that alleges that Valeant is using pharmacies related to Philidor to store inventory and record the transactions as sales. The Citron Research report further alleges that it appears “that Valeant/Philidor have created an entire network of phantom captive pharmacies” to create fake sales of drugs or to avoid scrutiny from auditors.
On this news shares of Valeant fell over $44 per share, or over 30%, during intraday trading on October 21, 2015.
If you purchased Valeant securities and have suffered a loss, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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