'LIKELY' NOT A FRAUD: Here's what 6 Wall Street pros are saying about Valeant

On Wednesday, short-seller Citron Research pointed its spotlight on Philidor RX, an entity that distributes drugs for specialty pharmacies. Citron says Valeant filed fake invoices with Philidor to make its own revenue appear greater than it is. Valeant is Philidor's only customer, Citron points out.

Valeant responded, arguing that Citron analysis was "erroneous." They clarified that shipments to Philidor were not recorded as revenue for Valeant until the product was dispensed to the patient.

Still, Valeant's response did not prevent shares from closing down 19% for the day. And importantly, it did not prevent skeptics from questioning how companies like Valeant conduct business.

So, what do Wall Street's investment pros think?

Some say it's a buying opportunity. Some say to wait and see how management handles the aftermath. At least one firm admits they don't know what's going on.

"We do not know if Valeant was the victim of or involved in any fraud," Morgan Stanley's David Risinger writes. "[B]ut if allegations of fraud are wrong, depressed VRX shares appear to present a buying opportunity."

Unfortunately, that's not helpful.

Here's what the other pros are saying.