Shares of Valeant are under pressure after Business Insider reported Andy Davenport, the CEO of Valeant’s secret pharmacy, Philidor, has been arrested. Davenport has been charged with “engaging in a multi-million dollar fraud and kickback scheme.”.
Early selling has Valeant down nearly 7% at $16.64 per share. The stock has fallen more than 70% over the past the year.