SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the upcoming deadline to move for appointment as lead plaintiff in securities class litigation brought on behalf of investors who purchased or otherwise acquired the common stock of Valeant Pharmaceuticals International, Inc. (“Valeant” or the “Company”) (NYSE: VRX) between February 28, 2014 and October 21, 2015, inclusive (the “Class Period”).
If you purchased or otherwise acquired the common stock of Valeant during the Class Period, you may move the Court for appointment as lead plaintiff by no later than December 21, 2015. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Valeant investors who wish to learn more about the action should click here or contact Sharon Lee of Lieff Cabraser at 1-800-541-7358.
The action alleges that during the Class Period, defendants made false and misleading statements and/or failed to disclose: (1) that Valeant was using a network of specialty pharmacies that it secretly controlled to prop up sales of Valeant drugs and to keep patients and their insurance companies from switching to generic drugs; (2) that Valeant’s undisclosed use of specialty pharmacies left it subject to increased regulatory risks; and (3) that without the use of the specialty pharmacies, Valeant’s financial performance and guidance would have been negatively impacted.
On September 28, 2015, Bloomberg reported that Democrats in the U.S. House of Representatives sought to subpoena Valeant for documents related to “massive price increases” for two heart drugs. On this news, the price of Valeant stock dropped 16.53% to close at $166.50 on September 28, 2015.
On October 14, 2015, Valeant disclosed that it had recently received subpoenas from two U.S. Attorney’s Offices primarily seeking documents relating to its patient assistance programs, product distribution, information it provided to the Centers for Medicare and Medicaid Services, and pricing decisions. Following this news, Valeant’s stock fell 4.75% to close at $168.87 on October 15, 2015.
On October 19, 2015, defendants revealed previously undisclosed relationships between Valeant and certain specialty pharmacies. Valeant’s stock fell 10.43% to close at $146.74 on October 20, 2015. On the following day, Citron Research published a report claiming that Valeant was using its relationship with specialty pharmacies to store inventory and record those transactions as sales and that it was using phantom accounts to deceive auditors and investors. On this news, Valeant’s stock price fell 19.17% to close at $118.61 on October 21, 2015.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP is a nationally recognized law firm committed to advancing investor rights and promoting corporate responsibility.
For twelve years, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms, including in 2015.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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