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Valeant Asks CEO Pearson to Cooperate With U.S. Senate Committee

Pershing Square's Bill Ackman and Valeant Pharmaceuticals International's Michael Pearson InterviewPershing Square's Bill Ackman and Valeant Pharmaceuticals International's Michael Pearson Interview
Michael Pearson, CEO of Valeant Pharmaceuticals.Photograph by Bloomberg — Getty Images

Valeant Pharmaceuticals (VRX) said on Monday it had asked outgoing Chief Executive Michael Pearson to cooperate with the U.S. Senate Committee on Aging after he failed to show up at a hearing on Friday.

The committee has said it may start contempt proceedings against Pearson after he did not respond to a subpoena to appear for a deposition related to an investigation into drug pricing.

“The board understands that Mr. Pearson is in dialog with the Senate Committee on Aging regarding his deposition and that those discussions are ongoing,” Valeant said.

Pearson is due to step down as Valeant’s CEO as soon as a replacement is found.