Valeant reports California Department of Insurance investigations
In a regulatory filing, Valeant disclosed that on or about September 16, 2016, the company received an investigative subpoena from the California Department of Insurance. The materials requested include documents concerning the company's former relationship with Philidor and certain California-based pharmacies, the marketing and distribution of its products in California, the billing of insurers for its products being used by California residents, and other matters. Also, on May 4, 2016, Bausch & Lomb International received from the Office of the California Insurance Commissioner an administrative subpoena to produce books, records and documents. On September 1, 2016, a revised and corrected subpoena, issued to B&L Inc., was received naming that entity in place of B&L International and seeking additional books records and documents. The requested books, records and documents are being requested in connection with an investigation by the California Department of Insurance and relate to, among other things, consulting agreements and financial arrangements between B&L and healthcare professionals in California, the provision of ocular equipment, including the Victus femtosecond laser platform, by B&L to healthcare professionals in California and prescribing data for prescriptions written by healthcare professionals in California for certain of B&L's products, including the Crystalens, Lotemax, Besivance and Prolensa. The company said it is cooperating with the investigations, adding that it "cannot predict the outcome or the duration of this investigation or any other legal proceedings or any enforcement actions or other remedies that may be imposed."