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T. Rowe Price Sues Valeant, Alleging ‘Fraudulent Scheme’

Mutual fund company T. Rowe Price has filed suit against Valeant, whose New Jersey offices...

Valeant used mail-order pharmacy Philidor Rx Services LLC, deceptive pricing and reimbursement practices and “fictitious accounting” to artificially inflate its results and shield its drugs from competition, T. Rowe Price and Alleghany Cos., another Valeant shareholder, alleged in the lawsuit filed earlier this week in federal court in New Jersey that became publicly available Thursday.

T. Rowe Price, which was once one of Valeant’s biggest investors, said Valeant’s practices exposed it to “massive risks” and resulted in huge losses for shareholders. Valeant has lost about 90% of its value...


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