In a new report this week, Probes Reporter said that the SEC has confirmed Valeant Pharmaceuticals Intl Inc VRX 3.82%’s involvement in an undisclosed investigation that “somehow pertains to the conduct, transactions, and/or disclosures of Valeant.” Valeant’s stock is down 28.0 percent in the past three trading days as investors fearing the impact of the investigation have continued jumping ship.

Valeant’s stock is now hovering near the $60 level, a number that would have seemed unfathomable to most traders when it was trading above $250 in mid-2015. While there’s no telling how much downside Valeant has remaining, one firm had a $50 price target on the stock back in October when it was trading above $115 per share.

“Citron Research has delivered the proof that something really stinks at Valeant, and it goes beyond their egregious price hikes,” the firm wrote on October 21. The firm went on to draw a number of comparisons between Valeant and Enron, including the careful wording of official statements made by the two companies.

Citron exposed…

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