Newspaper article The Canadian Press

Class-Action Lawsuit Launched against Valeant Pharmaceuticals in Ontario

Newspaper article The Canadian Press

Class-Action Lawsuit Launched against Valeant Pharmaceuticals in Ontario

Article excerpt

Class-action lawsuit launched against Valeant

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TORONTO - A class-action lawsuit has been launched against Valeant Pharmaceuticals, alleging shareholders suffered losses after the Quebec-based company misrepresented or failed to disclose its relationship with U.S. mail-order pharmacy Philidor Rx Services.

The notice of motion alleges that Valeant negotiated and purchased an option to buy Philidor in January 2013 and ultimately consolidated the pharmacy's financials with their own, but didn't disclose that relationship until around Oct. 19.

The lawsuit alleges that shares of Valeant "dropped considerably" in price after the company disclosed its contractual relationship with the pharmacy, resulting in losses for class members.

The price of Valeant (TSX:VRX) shares has fallen about 70 per cent since August following scrutiny about its business practices. …

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