Valeant Discloses It Received Subpoena In Government Probe Of Its Bausch & Lomb Division

By MarketWatch Pulse

Valeant Pharmaceuticals International Inc. disclosed Monday that it received a subpoena from the U.S. Department of Justice regarding payments made and agreements between its Bausch & Lomb division and medical professionals. The payments and agreements were related to B&L's surgical products Crystalens IOL and Victus femtosecond laser platform, according to Valeant's quarterly filing with the Securities and Exchange Commission. The DOJ indicated the subpoena was issued as part of a criminal investigation into possible violations of Federal health care laws, Valeant said in the SEC filing. Valeant came under fire last week amid allegations of revenue-recognition improprieties surrounding Philidor, a specialty pharmacy company. The company is making a slide presentation Monday to address investor questions. Valeant's stock dropped 4.2% in premarket trade Monday, after plunging 35% last week.

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