Drug maker Valeant sees stock plunge 30%, trading halted

The head office and logo of Valeant Pharmaceutical are pictured in Montreal. THE CANADIAN PRESS/Ryan Remiorz

MONTREAL – Trading in Valeant Pharmaceutical shares was briefly halted today on the Toronto Stock Exchange as its stock fell 30 per cent in morning trading.

The Quebec-based company saw its shares plummet to $102.78, setting a new 52-week low.

It has been under a considerable degree of political and legal scrutiny in the United States over increases to some drug prices.

MORE: Meet the Canadian ‘poster boy’ behind skyrocketing drug prices 

The company is also facing questions published in an analyst report today about its use of specialty pharmaceutical companies to distribute its products.

Valeant shares have taken a beating since the launch of U.S. investigations into pricing for two heart drugs and its patient assistance program.

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A week ago, the company said that U.S. Attorney’s offices in Massachusetts and New York had court orders for it to produce documents.

Officials with Valeant could not immediately be reached for comment.

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