The Perfect Storm that Engulfed Valeant and Philidor

On Wednesday, October 14, a news release was issued by Canadian drug maker Valeant Pharmaceuticals International providing an “update regarding government inquiries.” But in journalism parlance, the company buried its lead. For in the second paragraph, Valeant mentioned that it had recently received subpoenas from U.S. Attorney’s in Massachusetts and New York regarding, among other things, distribution of the company’s products.

Valeant said it was reviewing the subpoenas and intended to cooperate with the investigators.

The following day, a cryptic posting appeared on the financial blog of Australia-based short-seller John Hempton of Bronte 

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Robert W. Welkos

Robert W. Welkos

Robert Welkos began reporting for CTFN in August of 2014. He covers utility, cable, and banking deals, among other matters and has proven adept at picking apart state regulatory processes. He was a reporter for the Los Angeles Times and shared in two Pulitzer Prizes awarded to the newspaper’s Metro staff. He has reported on numerous state and federal trials and served as the Times’ entertainment industry legal affairs writer covering Hollywood and the law. Robert was also a correspondent for the Associated Press. He is based in Los Angeles.

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