Shares of Teva slipped more than 6 percent after the company announced that its CEO will step down and amid reports of a bribery investigation.
The largest generics pharmaceuticals company released a statement Monday that its CEO, ErezVigodman, would resign effective immediately.
"I believe that now is the right time for me to step down," Vigodman said. "It has been a privilege to lead Teva, and I am proud of all we have accomplished. I am confident that the company's future is bright."
Teva's search for its fifth CEO in 15 years comes after a series of missteps, including a string of costly acquisitions and delayed drug launches, that have led to the pharmaceutical company's shares tanking.
In addition to the CEO news, Israeli newspaper HAARETZ reported earlier Tuesday that the Israeli Police are investigating reported bribery in countries such as Mexico, Russia and Ukraine. Israel's biggest company allegedly paid bribes into the hundreds of millions and falsified documents in order to hide them.
CNBC has reached out to Teva for comments.
Teva faced a similar bribery investigation in 2016 and paid $519 million in the U.S. to settle violations of the Foreign Corrupt Practices Act related to the three countries in the Israeli investigation.
The company is reported to release its fourth quarter earnings on Monday, February 13. Teva shares closed Tuesday at $32.19 a share.
— Reuters contributed to this report