- Shares of Valeant Pharmaceuticals Intl Inc VRX sold off shortly after 1:30PM ET on Monday.
- Investors were likely reacting to unconfirmed reports that the FBI raided Valeant's New Jersey offices.
- Valeant's stock has since fully recovered after the FBI confirmed the reports were false.
BREAKING: FBI RAIDS VALEANT NJ OFFICES $VRX
— Big Bob #Value $VRX (@bigbobnobody) November 30, 2015
Valeant's stock has been trading for the most part in positive territory on Monday, hitting an intra-day high of $91.21 after opening at $87.28. Following a brief sell-off after the FBI raid reports, the stock rebounded to near $90 per share.
The FBI confirmed with Benzinga that it has not dispatched any agents to Valeant's New Jersey offices on official business.
One of the Twitter account linked with the Valeant chatter followed up, confirming the initial report is indeed false . The user added that there are "lots of cop cars" near Valeant's office in Laval, Canada. However, it appears to be limited to local police cars – likely implying that provincial and/or federal regulators are not involved.
@bigbobnobody false alarm. I meant Laval offices... Lots of cop cars but just local $VrX
— Big Bob #Value $VRX (@bigbobnobody) November 30, 2015
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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