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Four years after Salix Pharmaceuticals made contradictory statements about inventory levels, the once high-flying company and its former chief financial officer have reached a settlement with regulators for misleading investors and analysts.

Specifically, the drug maker lied during quarterly earnings calls by “significantly understating” the amount of drugs that wholesalers held in inventory, according to the settlement reached with the Securities and Exchange Commission. As part of the arrangement, the company agreed not to violate securities laws and Adam Derbyshire, the former executive, will pay more than $1 million.

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