SAN FRANCISCO, Oct. 26, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, alerts investors of the December 21, 2015 lead plaintiff deadline in the securities fraud class action lawsuit filed against Valeant Pharmaceuticals International, Inc. (NYSE:VRX). If you have losses in your investments in VRX, contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000, emailing valeant@hbsslaw.com or visiting http://hb-securities.com/investigations/valeant.
The case was filed in the U.S. District Court for the District of New Jersey on behalf of shareholders who purchased VRX common stock between February 28, 2014 and October 21, 2015.
On October 19, 2015, Southern Investigative Reporting Foundation issued a report on Valeant revealing an undisclosed relationship between Valeant and specialty pharmacy Philidor Rx Services. On this news, shares of Valeant fell $13.73 per share, or over 7%, to close at $163.83 per share on October 19, 2015.
On October 21, 2015, Citron Research issued a report on Valeant asserting, among other things, that Valeant and Philidor have created an entire network of phantom captive pharmacies to create fake sales of drugs or to avoid scrutiny from auditors. Citron’s report stated that it “believes the whole thing is a fraud to create invoices to deceive the auditors and book revenue.” On this news, shares of Valeant fell sharply during intraday trading on October 21, 2015, damaging investors. VRX tumbled about 40% before recovering some of its value and by the end of the day, the stock had declined a total of 19%, or $28.13, to drop to $118.61, while broader indexes were nearly flat.
“Valeant has not yet responded to the serious questions raised by Citron, Veritas, Evercore, and others in any meaningful way,” said Hagens Berman partner Reed Kathrein. “Until Valeant provides some satisfactory answers, we must do what we can to investigate these allegations and proceed in the best interests of our clients and investors.”
Whistleblowers: Persons with non-public information regarding Valeant should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the SEC whistleblower program, whistleblowers who provide original information may receive rewards up to 30 percent of any successful recovery made by the SEC. For more information concerning your whistleblower options, call Reed Kathrein at (510) 725-3000 or email valeant@hbsslaw.com.
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