Valeant Pharmaceuticals International sued for fraud by T. Rowe Price Group

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T. Rowe Price Group Inc has sued Valeant Pharmaceuticals International Inc , alleging that investors in the Canadian drugmaker lost billions of dollars as a result of the company’s “fraudulent scheme.”

Valeant’s U.S.-listed shares reversed course to close down 3.4 per cent at US37.19 on Thursday. They had risen as much as 5 per cent, after the company’s lenders agreed to an amendment to loosen covenants on its US$31 billion of debt.

Read the full article at the Financial Post.