- Drugmaker cancelled two conference calls in less than a day
- Valeant confirmed earlier it's under investigation by SEC
Valeant Pharmaceuticals International Inc. won’t hold a Monday afternoon call with sell-side analysts and Chief Executive Officer Mike Pearson that it had scheduled just hours earlier.
The drugmaker told analysts that the call was never intended to be formal and that it was canceled due to media interest, according to two people familiar with the matter, who asked to remain anonymous because the call wasn’t publicly announced.
Valeant had surprised investors on Sunday night by announcing the return of CEO Pearson from medical leave after a two-month absence from the embattled drugmaker. Also on Sunday, the company canceled a Monday morning call that was scheduled the week before and withdrew its financial forecasts. The news sent the shares down 10 percent.
Later on Monday, the stock slumped further, down 18 percent at the close, after Valeant confirmed it’s under investigation by the U.S. Securities and Exchange Commission in a previously undisclosed probe.