Valeant (VRX) Denies Fraud Allegations
In international trading, markets were up and down. In Europe, London’s FTSE lost 27 points. Germany’s DAX was up just 7 points, while France’s CAC closed the day down 27 points. In Asia, Japan’s Nikkei had a good day. The exchange was up 123 points. Hong Kong’s Hang Seng posted a loss of 36 points, while Australia’s ASX lost just 2 points on the day.
Priceline (PCLN) Soars to All-Time HighsShares of Priceline (PCLN) closed at all-time highs today.
Valeant (VRX) Denies FraudDrug-maker Valeant Pharma (VRX) fought back against fraud allegations today. A recent report by the financial analysis firm Citron implicated Valeant in Enron-like fraud and misdirection of shareholders. Valeant Chairman and CEO J. Michael Pearson called the report completely untrue in a conference call with investors today.
"He wanted people to run. He intentionally designed the report to frighten our shareholders to drive down the price of the stock so he could make money," Pearson told reporters.
Whether or not Valeant is guilty of fraud is still up in the air, but there’s no doubt that Pearson’s actions today had little effect to stop the company’s bleeding. Valeant has lost over 11% of its value over the past three days, when the fraud charges were first brought to light.
A Hard Day for the Energy SectorPredictions for a mild winter and plunging oil prices took their toll on the Energy sector today. Chesapeake Energy (CHK) led the day in losses for the sector, falling 9% in trading. Range Resources, an oil and gas producer, fell by over 7%. Both CONSOL Energy (CNX) and NRG Energy (NRG) also fell over 6% apiece in trading today. The sector rebounded slightly after oil prices moved back toward $50 per barrel, but the trend has reversed recently and oil closed the day’s trading at $43.85 per barrel today.
Published on Oct 26, 2015By Aaron Phillips