Valeant under criminal investigation

Federal prosecutors are investigating Valeant Pharmaceuticals International Inc. over allegations of fraud, people familiar with the matter told The Wall Street Journal.

The U.S. attorney’s office in Manhattan is looking into allegations that a closely linked mail-order-pharmacy, Philidor Rx Services LLC, defrauded insurers by hiding their close relationship. The relationship allegedly boosted sales of Valeant's drugs.

The probe could lead to charges against former Philidor executives and Valeant as a company.

Read more from The Wall Street Journal.