Outgoing Valeant CEO Reverses Course, Agrees To Senate Deposition
J. Michael Pearson had previously refused to cooperate in a Senate committee's investigation of soaring prescription drug prices, which had prompted lawmakers to threaten to initiate contempt proceedings.
The Associated Press:
Valeant CEO Agrees To Be Deposed In Senate Drug Price Probe
The chief executive of embattled Valeant Pharmaceuticals, J. Michael Pearson, has agreed to be deposed by a Senate committee investigating the causes of soaring prescription medicine prices. Meanwhile, the Canadian drugmaker has received a notice of default from some bond holders because it hasn't filed a financial report due in March. That's been delayed by a review of company accounting practices, which found Valeant prematurely reported $58 million in sales in 2014 to its former partner, mail-order pharmacy Philidor. Valeant now is revising earlier financial statements related to that. (4/13)
The Wall Street Journal:
Valeant CEO Pearson Agrees To Senate Deposition
Wednesday, the committee said the contempt procedures would be postponed, pending his deposition with the committee. The deposition is scheduled for Monday, April 18 and the hearing is scheduled for April 27. “Following discussions between the committee’s staff and his lawyers, Mr. Pearson looks forward to testifying at a deposition and the hearing,” a spokesman for Mr. Pearson said in a statement. (Hufford, 4/13)