NEW YORK--(BUSINESS WIRE)--Entwistle & Cappucci LLP (“Entwistle & Cappucci”) today announced that it has filed a securities class action lawsuit on behalf of persons or entities that purchased call options and/or sold put options on Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (“Valeant” or the “Company”) common stock during the period January 4, 2013 through August 11, 2016, inclusive (the “Class Period”), and who were damaged thereby (the “Class”). The case was filed in the United States District Court for the District of New Jersey, Case No. 3:18-cv-10246, against Valeant and related defendants (collectively, “Defendants”).
The class action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that, during the Class Period, the Defendants made materially false and misleading statements and failed to disclose material adverse facts concerning the Company’s business and prospects. In this regard, the complaint alleges that: (1) the Company used a network of specialty mail-order pharmacies it 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; (2) Valeant’s undisclosed use of specialty pharmacies left it subject to increased regulatory risks; and (3) 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 Defendants’ false and misleading statements and omissions, Valeant call options traded at artificially inflated prices during the Class Period, while Valeant put options traded at artificially deflated prices during the Class Period. In this action, Plaintiff seeks an award of damages, and prejudgment interest, to Plaintiff and other Class members.
If you wish to serve as a lead plaintiff in this matter, you must file a motion with the Court no later than 60 days from today, or by August 7, 2018. Any member of the proposed Class may move the Court to serve as a lead plaintiff in this matter through counsel of their choice, or they may choose to do nothing and remain a member of the Class.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact: Andrew J. Entwistle, Esq. of Entwistle & Cappucci at (212) 894-7200 or via e-mail at firstname.lastname@example.org; or Robert N. Cappucci, Esq. of Entwistle & Cappucci at (212) 894-7200 or via e-mail at email@example.com.
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