Senate probe into Valeant includes top Wall Street investor

WASHINGTON (AP) — Senate lawmakers investigating price hikes by the embattled drugmaker Valeant Pharmaceuticals will also question one of the company’s leading investors, hedge fund manager William Ackman.

The Senate Aging Committee will hold its third meeting on rising drug prices Wednesday and released a list of witnesses who are scheduled to testify. Along with outgoing Valeant CEO Michael Pearson, lawmakers will hear from Ackman, an activist investor who has been one of Valeant’s leading boosters on Wall Street. Ackman’s Pershing Square Capital fund holds a 9 percent stake in Valeant and two chairs on the company’s board of directors.

Also answering questions will be Valeant’s former chief financial officer Robert Schiller. Committee staff said they issued subpoenas to compel Schiller and Pearson to appear. The committee previously announced Pearson’s appearance.

comments powered by Disqus