TheStreet’s Jim Cramer, portfolio manager of the Action Alerts PLUS charitable trust, said sell shares of Valeant (VRX) on news that the SEC is investigating the company. ‘Accounting irregularities equals sell,’ said Cramer. Valeant confirmed the SEC probe just one day after it withdrew its previously announced guidance for 2016 and delayed its fourth-quarter earnings release. ‘I really think this company is off track,’ said Cramer. ‘I know they have good cash flow but I will not violate my rules. I will not let my strategy go just because the stock has come down a lot and they have real drugs.’ Walgreen’s (WBA) recently signed a deal with Valeant for discounted drugs. Cramer wrote in an a Real Money article that ‘as much as we all my like and respect Walgreen’s they are not the U.S. government.’ TheStreet’s Rhonda Schaffler has details from Wall Street.
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