Valeant Confirms Criminal Charges Filed Against Valeant, Philidor Executives

By Emma CourtMarketsMarketWatch Pulse

Valeant Pharmaceuticals International Inc. confirmed Thursday that criminal charges had been filed against Gary Tanner, who had been a Valeant executive until Sept. 2015, and Andrew Davenport, former chief executive at Philidor Rx Services LLC. Federal prosecutors say that Tanner and Davenport allegedly engaged in multi-million-dollar fraud and a kickback scheme. Valeant said that charges have not been filed "at this time" against it, its former chief executive or chief financial officers or current executives. "The counts issued today include allegations that the charged parties engaged in actions to defraud Valeant as a company," the company said. Valeant shares declined 4.8% after the charges were announced. Shares of the company have dropped 83.3% year-to-date, compared with a 6.7% rise in the S&P 500 .

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