Valeant tumbles following the arrest of the CEO of its secret pharmacy

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.

NOW WATCH: McDonald’s responds to Burger King’s prank disguising its restaurant as the ‘ghost of McDonald’s’

Business Insider Emails & Alerts

Site highlights each day to your inbox.

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