Shares of Valeant are under pressure after Business Insider reported Andy Davenport, the CEO of Valeant’s secret pharmacy, Philidor, has been arrested. Davenport has been charged with “engaging in a multi-million dollar fraud and kickback scheme.”
Early selling has Valeant down nearly 5% at $17.02 per share. The stock has fallen more than 70% over the past year.
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