On Monday morning Shares of Valeant Pharmaceuticals (VRX) fell by 7% because of the the company’s delayed financial results which investors have been eagerly awaiting. The delay could likely be linked to the fact that J. Michael Pearson, Valeant’s CEO, has been gone for at least nine weeks on pneumonia concerns. 

Even though the company announced that Person returned back to work today, it still didn’t help the stock. The company was expected to release 4th quarter financial results today, but did not have them ready. The reason they cite for the delay is because the CEO just came back, and the company needs time to get everything in order. 

Valeant has been in heaps of trouble over work with Philidor, as the pharmacy benefit manager steered doctors and patients to Valeant’s drug by using Phantom pharmacy networks. Valeant had to cut ties with the company back in the fall of 2015. If tanking 7% wasn’t bad enough the company closed the day down 21% into the close as new information came out. 

The new information was that Valeant announced that it was under investigation by the SEC. Although, this matter is another SEC investigation being initiated. This is different from the first SEC investigation, that is looking at Valeant’s acquisition of Salix Pharmaceuticals. The company also announced that it is being investigated by: Congress, Southern District of New York, and U.S. Attorney’s offices For Massachusetts. 

With all this in mind it is probably best to steer clear investing in Valeant. Right now it has too much headwinds that could potentially lower the share price further. All these investigations will put too much pressure for the share price to go up. The closing share price of Valeant on Monday was $65.80 per share. If things don’t turn around soon, the share price could dive further forcing investors to sell.