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Actionable news in VRX: VALEANT PHARMACEUTICALS INTERNATIONAL,

Valeant Haunted By Ghosts of Past, Future

Valeant really wants a fresh start. But the market's memory is turning out to be a little longer than the company would like.

Over the past two weeks Valeant has filed its long-delayed 10-K to avoid a debt default, announced a board shakeup, and replaced former CEO Mike Pearson -- the architect of its acquisition-dependent business model -- with ex-Perrigo leader Joe Papa. Shortly after taking over, Papa announced a committee to examine the company's infamous approach to raising prices. Sounds like a solid basis for shares to climb.

Maybe for another company; Valeant is down 11 percent since Tuesday, as damaging details about its past and dire portents of its future continue to surface.

The Senate committee that castigated former Valeant executives over drug prices at a contentious hearing two weeks ago also released a trove of more than 800 pages of documents. It's taken time for people to get through all of them, but they...


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