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Valeant Pharmaceuticals (TSX:VRX) shares rebounded this Friday, the first time in several days.
Valeant Pharmaceuticals (TSX:VRX) shares rebounded this Friday, the first time in several days.
According to an article on CTV News:
Shares of Canada’s biggest publicly traded drug company gained nearly seven per cent at $153.96 in Friday morning trading.
That partially offset a nearly 37 per cent drop in the four prior days that wiped out $28.4 billion of Valeant’s stock market value amid unresolved questions about some of its business practices.
The rebound comes ahead of a conference call on Monday, when Valeant’s top officials plan to address and refute allegations that the company created a network of pharmacies to distribute its products and avoid the scrutiny of auditors.
Citron Research, a U.S. firm that says it examines fraudulent and over-hyped stocks, compared Valeant earlier in the week to bankrupt energy giant Enron.
Valeant (TSX:VRX) has denied the explosive, unproven allegations, and accused the firm of trying to reduce its share price — a move that could benefit traders who sell the stock “short” on the expectation they can buy it later after its value falls.
Click here to read the full article on CTV News.