A lawsuit was filed on behalf of investors in Valeant Pharmaceuticals Intl Inc (NYSE:VRX) shares over alleged securities laws violations and NYSE:VRX investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/10/2015 -- A shareholder in NYSE:VRX shares filed a lawsuit against Valeant Pharmaceuticals Intl Inc alleging violations of Securities Laws in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) have certain options and for certain investors are short and strict deadlines running. Deadline: December 21, 2015. NYSE:VRX investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff claims that between February 23, 2015 and October 20, 2015 defendants made allegedly false and misleading statements and/or allegedly failed to disclose adverse information about Valeant Pharmaceuticals' business and prospects, including that Valeant Pharmaceuticals was using a network of specialty mail-order pharmacies that it actually controlled to prop up sales of its high-priced drugs and to keep patients and their insurance companies from switching to less costly generic drugs, that Valeant Pharmaceuticals's undisclosed use of specialty pharmacies left it subject to increased regulatory risks, and that without the use of the specialty pharmacies, Valeant Pharmaceutical' financial performance and financial guidance between February 23, 2015 and October 20, 2015 would have been negatively impacted, and that as a result of these false and misleading statements and/or omissions, Valeant Pharmaceuticals stock traded at artificially inflated prices between February 23, 2015 and October 20, 2015, reaching over $260 per share.
On October 2, 2015, a report titled "Citron Research Exposes the Information that Congress Will Find if it Subpoenas Valeant" was published. The report references the United States Congress's reportedly failed attempt to obtain documents from Valeant Pharmaceuticals Intl Inc that would justify the 525% and 212% price increases on two drugs Valeant Pharmaceuticals Intl Inc had acquired rights to, saying the requested information was "highly proprietary and confidential."
On October 14, 2015, Valeant Pharmaceuticals Intlresponded to a letter from Senator Claire McCaskill (D-MO) concerning the company's products Nitropress and Isuprel. Valeant Pharmaceuticals Intl said that in his response to Senator McCaskill, J. Michael Pearson, the chairman of the board and chief executive officer of Valeant Pharmaceuticals Intl, addressed the history of Nitropress and Isuprel, the reimbursement process for hospital procedures involving Nitropress and Isuprel, the analysis and reasons underlying Valeant's pricing decisions, and Valeant's programs designed to improve patient access, among other topics.
In addition, Valeant Pharmaceuticals Intl disclosed that it recently received a subpoena from the U.S. Attorney's Office for the District of Massachusetts and a subpoena from the U.S. Attorney's Office for the Southern District of New York. Most of the materials requested by the subpoenas relate to documents with respect to our patient assistance programs, and also include requests relating to financial support provided by the company for patients, distribution of the company's products, information provided to theCenters for Medicare and Medicaid Services, and pricing decisions.
On October 19, 2015, Valeant Pharmaceuticals Intl reported its third quarter 2015 financial results.
The plaintiff claims that on the same day, Valeant Pharmaceuticals Intl hosted an earnings call during which, for the first time, defendants revealed the previously undisclosed and direct relationship between Valeant Pharmaceuticals Intl and certain specialty pharmacies.
On October 21, 2015, a report was issued entitled "Could this be the Pharmaceutical Enron?". Among other things, the report claims that Valeant Pharmaceuticals Intl utilizes a specialty pharmacy to facilitate drug sales to patients. The same report continued, stating that "Citron believes the whole thing is a fraud to create invoices to deceive the auditors and book revenue. PHANTOM ACCOUNTS."
The same day Valeant Pharmaceuticals Intl issued a response to the report.
Shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) declined to as low as $88.50 per share on October 21, 2015.
On November 9, 2015 NASDAQ:VRTX shares closed at $118.85 per share.
Those who purchased shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego