The chief executive of embattled Valeant Pharmaceuticals has agreed to be deposed by a Senate committee investigating soaring prescription medicine prices.
Meanwhile, the Canadian drugmaker has received a notice of default from some bond holders because it hasn’t filed its 2015 financial report, which was due in March. It’s been delayed by a review of company accounting practices and earlier financial reports that misstated some revenue.
Valeant is one of the companies targeted in the Senate probe of drug prices. CEO J. Michael Pearson didn’t comply with a Congressional subpoena to attend a deposition.
The Senate Special Committee on Aging then announced plans to start legal proceedings against Pearson, and Valeant’s board directed him to comply.
On Wednesday, the committee said Pearson has reversed course and will be deposed on April 18.