Fund's $80B Valeant losses prompt lawsuit calling company a criminal enterprise

Fierce Pharma ------ Valeant Pharmaceuticals and its former CEO Michael Pearson have been accused of a long list of nefarious activities. Now a mutual fund that claims it lost a mind-boggling $80 billion on its Valeant investments has rolled all of those into a lawsuit that alleges Valeant was a criminal enterprise. The civil securities fraud lawsuit was filed in federal court in New Jersey by mutual fund Lord Abbett & Co. It names Valeant, Pearson, former CFOs Robert Rosiello and Howard Schiller, former controller Tanya Carro and Valeant’s accounting firm PwC. It alleges securities violations, mail and wire fraud, and to top it off, racketeering under RICO, a provision that suggests criminal behavior and allows for tripling damages. And the mutual fund company's losses were tremendous. Lord Abbett bought Valeant notes between 2013 and 2015 and said that its shareholders “suffered massive economic losses” of more than $80 billion. To learn more click on the picture below to read the article.