Valeant Pharma Settles SEC Accounting Probe For $45M
Law360 (July 31, 2020, 8:51 PM EDT) -- Bausch Health agreed to pay the U.S. Securities and Exchange Commission $45 million on Friday to settle allegations of accounting fraud dating back to when the company was known as Valeant Pharmaceuticals, while three former executives agreed to fines.
In a settlement containing no admission of wrongdoing, the company shed allegations that it had failed to tell investors in 2014 about its relationship with Philidor Rx Services LLC, a mail-order pharmacy that Valeant eventually optioned for purchase, even while Philidor was a major driver of Valeant's sales growth.
The settlement also resolves liability over $110 million in revenue from a price...
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