Wall Street smacks drug maker under federal investigaton

A controversial drug maker under federal investigation for high drug prices is in big trouble on Wall Street.

Trading of Canadian drug maker Valeant Pharmaceuticals was halted on the New York Stock Exchange Wednesday. The halt came after the stock plummeted nearly 40 percent after the company was accused of financial chicanery, with an investment research firm calling the company the pharmaceutical version of Enron.

Valeant has been in hot water since federal prosecutors issued subpoenas over its pricing strategies for drugs, distribution and financial assistance programs.

The drug maker has been criticized by several lawmakers for raising the price of heart drugs Nitropress and Isuprel by up to 200 percent. However, it is not clear if those drugs are the subject of the subpoenas.

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