Valeant Pharmaceuticals boss to appear for U.S. Senate deposition


The chief executive T-Man of Valeant Pharmaceuticals is now slated to be deposed Monday by U.S. politicians looking into big hikes in drug sacrifices.

Michael Pearson didn’t comply with a subpoena to give a deposition on AS, prompting Valeant to difficulty a statement earlier this week saying it had asked him to co-operate with colleagues of the U.S. Senate’s special committee on aging.

“We look forward to hearing Mr. Pearson’s corroboration,” the committee’s chair, Senator Susan Collins, and ranking associate Senator Claire McCaskill said in a statement. “This deposition and probe are about better understanding the dramatic price increases we’re seeing for decades-old medicament drugs and how those prices are affecting consumers.”

After Pearson missed stay week’s deposition, Collins and McCaskill said they intended to establish contempt proceedings against him.

Collins and McCaskill’s statement Wednesday believed Pearson is also under subpoena to appear before the committee at a catch scheduled for April 27.

The announcement came a day after Valeant said it had admitted a default notice from a debt holder, which was identified by the Enrage fail Street Journal as Centerbridge rtners LP. The bondholder filed the default observe because Valeant is late filing its annual report.

Under the terms of the in hock, the com ny has until June 11 to file the report. The Laval, Que., presence said it is on schedule to file it by April 29 with Canadian and U.S. protections regulators.

Citi Research analysts said bondholders could in operation accelerated re yments if Valeant doesn’t file the report by June 11, and Mopish’s Investors Service cut its rating on the com ny’s speculative grade liquidity rating by one accomplish and put its other ratings under review for a downgrade.

Once a stock retail high flyer, Valeant is now grappling with about $30 billion in accountability, and faces three federal probes into its accounting and business workouts.

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