The government just called Valeant's CEO in for another whipping, and the stock crumbling

Valeant Pharmaceuticals CEO Michael Pearson has been called to testify before the Senate Committee on Ageing on April 27th, that’s the latest in a long spate of bad news for the company.

The stock is down around 8% on this news.

The Senate Committee on Ageing’s investigation into Valeant is a bipartisan effort helmed by Sens. Susan Collins (R-Maine) and Claire McCaskill (D-Missouri). They sent letters to Valeant and a few other drug companies announcing the investigation back in November.

This is on top of ongoing investigations into the company in the House of Representatives, SEC and state attorney’s offices of Massachusetts and New York.

More on this to come…

NOW WATCH: Why 2-in-1 shampoo and conditioner products don’t work

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.