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(HealthNewsDigest.com) – Over the last week, Valeant Pharmaceuticals International, one of the world’s largest drug makers, has seen its stock price plunge amid allegations of questionable dealings with pharmacies.
Now ProPublica has obtained documents showing how people affiliated with Valeant’s main pharmacy, Philidor Rx Services, used a backdoor approach to gain an ownership stake in California after it was denied a permit to operate in the state.
Charles Ornstein reports that Philidor’s license application was denied in May 2014 after the California Board of Pharmacy accused the company of making “false statements of fact” on financial statements and failing to comply with pharmacy laws.
Several months later, a holding company whose chief executive identifies herself online as Philidor’s director of pharmacy operations purchased a 10 percent stake in West Wilshire Pharmacy in Los Angeles.
Valeant’s latest disclosures have only increased investors’ concerns about its relationship with Philidor and its network of other pharmacies, Ornstein writes. Since last Friday, Valeant’s stock has plummeted almost 40 percent as questions about its accounting and business practices remain unanswered.
More in the full story here: http://www.propublica.org/
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