Shares of Valeant Pharmaceuticals fell nearly 10.4 percent on Thursday after The Wall Street Journal reported the pharmaceutical company is under federal investigation for allegations it defrauded insurers by hiding its ties to Philidor, a mail-order pharmacy unit.
The Journal report, which cited people familiar with the matter, said the investigation is looking into whether Philidor, which is now defunct, falsely described its relationship with Valeant and it could be the most serious charge Valeant faces to date.
