Rise and Fall of Valeant
March 17, 2016•8 min
The pharmaceutical company Valeant is in big trouble.
As recently as last summer, Valeant was admired on Wall Street and its stock traded above $250 a share. But since then, the share price has plummeted, and after a difficult earnings announcement this week where CEO Michael Pearson revealed that it will not file its annual report on time, its stock sunk to just above $30 a share.
For years, the company had been steadily growing, buying other companies in addition to raising the prices of the drugs it acquired.
Now Valeant's business practices are under investigation by the Securities and Exchange Commission, two U.S. Attorneys, and Congress.
This week on Money Talking, host Charlie Herman talks with Bloomberg Businessweek's Sheelah Kolhatkar and Linette Lopez with Business Insider to explore the Valeant bust and how it affects what you pay for your prescriptions.