NEW YORK, Dec. 13, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Valeant Pharmaceuticals International Inc. (“Valeant” or the “Company”) (NYSE: VRX ) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, is on behalf of a class consisting of all persons or entities who purchased Valeant securities between February 23, 2015 and October 20, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Valeant securities during the Class Period, you have until December 21, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Valeant is a specialty pharmaceutical and medical device company that develops, manufactures, and markets a range of branded, generic, and branded generic pharmaceuticals, over-the-counter products, and medical devices, such as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetics devices.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and misleading statements and/or failed to disclose adverse information about the Company's business and prospects, including that the Company 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's undisclosed use of specialty pharmacies left it subject to increased regulatory risks, and that without the use of the specialty pharmacies, Valeant's financial performance and Class Period financial guidance would have been negatively impacted. As a result of these false and misleading statements and/or omissions, Valeant stock traded at artificially inflated prices during the Class Period, reaching over $260 per share.
On October 19, 2015, the Company issued a press release reporting its third quarter 2015 financial results. On the same day, Valeant hosted an earnings call during which, for the first time, Defendants revealed the previously undisclosed and direct relationship between Valeant and certain specialty pharmacies.
On this news, the price of Valeant common stock fell over 10 percent in one day, from a close of $163.83 per share on October 19, 2015 to a close of $146.74 per share on October 20, 2015. Additional news concerning Valeant's unique relationships with specialty pharmacies reached the market on October 21, 2015, causing the price of Valeant stock to drop sharply, falling to a close of $118.61 per share.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
