Valeant Pharmaceuticals CEO J. Michael Pearson, battling scandal, had to spend Christmas in the hospital.
The CEO of drugmaker Valeant Pharmaceuticals International Inc. had to spend Christmas in the hospital after coming down with a severe bout of pneumonia.
J. Michael Pearson has been embattled in scandal relating to sales, and has even been tied to controversial figure Martin Shkreli. He was admitted and is currently receiving treatment, according to a Bloomberg report.
In a statement provided to Bloomberg, spokeswoman Laurie Little said: “We wish him a speedy recovery and look forward to him returning to work when he is feeling better. We will be respecting Mike and his family’s privacy during this time and will provide further details on his condition as appropriate.”
Valeant has been plagued by scandal, with the company’s stock plummeting 57 percent from its peak back in August. Lawmakers and investors have raised concerns about its approach to sales, namely using mail-order pharmacies, increasing its prices, and focusing on acquisitions to help grow the company. Pearson has insisted that he has taken the right approach with the company.
Critics of Valeant claim that the drug company is using a mail-order pharmacy to inflate its drug sales artificially. The allegations caused stock of Valeant to plummet drastically. The company has endured other allegations of how it reports financial results, and Pearson has been trying to dig out of the hole that it is now in with investors.
Controversial figure Martin Shkreli, who was recent arrested on charges related to his own business dealings, bailed on Valeant back in late October. After Valents shares plunged when the company was accused of accounting irregularities, Shkreli went on Twitter and said he had bought shares in Valeant and shorted the shares on a rival, taking a long position on Valeant.