In a rare move, Florida is considering taking on a large pharmaceutical company, alleging the state’s pension fund lost more than $62 million in stock value because of federal securities violations by the company.
The State Board of Administration, which includes Gov. Rick Scott and two Cabinet members, will decide next month whether to hire a New York-based law firm to pursue a “direct action” case against Valeant Pharmaceuticals International Inc., rather than joining a class action lawsuit against the company.
