NEW YORK -- Valeant Pharmaceuticals says that U.S. federal prosecutors in two states are seeking information on the its drug pricing, distribution and patient assistance program.
The Quebec-based company -- Canada's largest publicly traded drug maker -- said late Wednesday that it had recently received subpoenas from the U.S. Attorney's offices in Massachusetts and New York.
Valeant's chairman and CEO, J. Michael Pearson, said the company will co-operate with the federal inquiries.
Pearson said employees of Valeant Pharmaceuticals International believe in maintaining strong regulatory and financial controls and that he believes the company has operated in a "compliant manner."
The company's stock, which is traded in Toronto and New York, was down 10 per cent in premarket trading Thursday.
The stock closed at C$229.08 on Wednesday at the Toronto Stock Exchange and at US$177.29 on the New York Stock Exchange, which accounts for a majority of trades in Valeant stock.
