Valeant Pharmaceuticals is back in the news again. The company's CEO, J. Michael Pearson, is reportedly taking a medical leave of absence after a recent hospitalization, according to ABC News. He was previously hospitalized with pneumonia.
In his absence, the management of the company will be the responsibility of a team of executives, according to Bloomberg.
"The committee will be working closely with the entire management team to ensure that the company continues to operate normally while Mike focuses on his health. I am confident that with the vast industry and business knowledge from the management team and the board of directors, we will manage through this period. Out of respect, we will be honoring his family's request for privacy and will not be commenting further on his condition at this time," said board member Robert Ingram.
This announcement is bad news for the company, which has been trying to win back respectability and trust since October.
Over the last few months, Valeant Pharmaceuticals has been analyzed for its drug pricing and drug distribution, according to the New York Times. The company was supposedly getting old drugs and selling them for exceedingly high prices.
Since the accusations and inquiries, Valeant stocks have fallen 6.5 percent to $106.68. In the last three months, stocks have fallen a total of 30 percent.
