Valeant CEO Staunchly Defends Drugmaker's Accounting, Ethics
- ValueAct's Morfit to join committee to review Philidor link
- Lead director Ingram has `complete and total faith' in Pearson
Valeant Shares Slump as Defense Falls Flat With Investors
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Valeant Pharmaceuticals International Inc. took its first major steps Monday to push back against charges of accounting and ethical irregularities, appointing a new director aimed at calming investor concerns. Yet Valeant’s shares continued to decline after their 35 percent slump last week.
Chief Executive Officer J. Michael Pearson, four other executives and six board members took to a conference call to mount a defense of the company’s arrangement to sell medications through mail-order pharmacy Philidor RX Services, a practice that a short-seller last week said pumped up Valeant’s revenue.