Valeant stock falls 5% after company files 10-K
Valeant Pharmaceuticals International Inc. shares fell 5.2% in afternoon trade Wednesday after the company filed its 10-K. The filing included a disclosure that business unit Salix is being investigated for possible securities law violations by the Securities and Exchange Commission, which CNBC reported as "breaking" news. But the investigation began prior to Valeant's acquisition of Salix, according to the 10-K, and Salix disclosed the investigation as early as March 2015. The investigation has to do with "disclosures by Salix of inventory amounts in the distribution channel and related issues in press releases, on analyst calls and in Salix's various SEC filings, as well as related accounting issues," according to the 10-K. Valeant shares have sunk 10.8% over the last three months, compared with a 9.5% rise in the S&P 500 .
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