Valeant And Philidor Executives Arrested Amid Criminal Probe

Valeant Pharmaceuticals shares were trading down near 4% in the wake of an announcement by Preet Bharara, US Attorney for the Southern District of New York, that two former Valeant Pharmaceuticals and Philidor RX executives were arrested and have been charged with fraud. Philidor President Andy Davenport alleged to have received $40 million, paid Valeant Pharmaceuticals executive Gary Tanner $10 million Andy Davenport, chief executive officer of the specialty pharmacy Philidor, and Gary Tanner, a former manager at Valeant and Philidor, were charged with multiple counts including wire fraud conspiracy, wire fraud, travel act conspiracy and money laundering. Philidor had an exclusive…