Market Overview

Valeant Being Sued In NY Federal Court Over Alleged Overcharges


Buyers of Valeant Pharmaceuticals Intl Inc (NYSE: VRX) drugs sued the company on Monday, claiming that they had been forced to pay excessive prices due to the company’s relation to Philidor Rx Services.

According to the complaint, the Pennsylvania-licensed specialty online pharmacy helped the Canadian firm increase its sales, violating the federal Racketeer Influenced and Corrupt Organizations (RICO) Act. The complaint, filed in the U.S. District Court in Manhattan, seeks compensatory and triple damages, according to reports.

Among the defendants is Andrew Davenport, Philidor’s former CEO. Plaintiffs include the health benefits fund of New York’s hotel trade group, and detectives endowment association of New York City.

Shares of Valeant traded down $0.57 or 1.85 percent to $20.27 at time of the writing.

Posted-In: Andrew Davenport PhilidorNews Health Care Legal General


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