Federal prosecutors on Thursday said they would charge former Valeant Pharmaceuticals International Inc. executive Gary Tanner and former Philidor Rx Services LLC Chief Executive Andrew Davenport, alleging they engaged in a multimillion-dollar fraud and kickback scheme.

Federal prosecutors have been investigating whether the Canadian pharmaceutical defrauded insurers by shrouding its ties to a mail-order pharmacy that boosted sales of its drugs.

U.S. Attorney for the Southern District of New York Preet Bharara was slated to announced the charges at press conference at noon.

Write to Anne Steele at Anne.Steele@wsj.com

(END) Dow Jones Newswires

November 17, 2016 10:15 ET (15:15 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
Valeant Pharma (NYSE:VRX)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Valeant Pharma Charts.
Valeant Pharma (NYSE:VRX)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Valeant Pharma Charts.