A couple of weeks ago, a shortseller report snowballed into a widespread media attention on the opaque business practice among Valeant Pharmaceuticals, its proxy corporation Philidor, and Russell Reitz – the unfortunate Californian pharmacist caught up in what may turn out to be the largest health insurance fraud of the current century, and the unveiling of possibly an Enron-Arthur Andersen type of accounting fraud.
I usually don’t bother with things like this in life, but what drew me into the story was the fact that Valent’s proxy-corporations were all named using chess terminology. I was hooked and spent an inordinate amount of time reading about the background, just for the personal pleasure of following a story. All of this voyeuristic reading eventually lead me to a workplace discrimination lawsuit between one Mr. Joseph Weinberg and Valeant and its subsidiary companies.
Joseph Weinberg is an IT professional and was hired, in 2013, by Valeant to work on the IT infrastructre. One of his supervisor in the IT department was Jacob Alao, who “had his own Nigerian financial company called Mongran Financial (“Mongran”) which “Valeant… had helped start.”
The remainder of the lawsuit alleges Alao to be a scum of the earth, as well as a hostile workplace environment stewing with all manner of social filth.
Mr. Michael Pearson, were you aware of the fact that your company was feeding private information of your clients to a Nigerian financial company?