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Salix hit on accounting turmoil

November 7, 2014 3:27 AM UTC

Salix Pharmaceuticals Ltd. (NASDAQ:SLXP) plunged $53.05 (38%) to $85.50 in after-hours trading on Thursday on news its CFO had resigned and the company had retained outside counsel to investigate how it was accounting for inventory levels.

Salix said Timothy Creech, SVP of finance and administrative services, was named acting CFO to replace Adam Derbyshire, who resigned. ...